A ransomware attack on C-Edge Technologies, a provider of banking technology systems, has led to a temporary shutdown of payment systems for nearly 300 small local banks in India on Wednesday.
This incident has disrupted services and forced the National Payment Corporation of India (NPCI) to isolate C-Edge from the broader retail payments system to prevent further damage. In a public advisory, NPCI confirmed the isolation of C-Edge Technologies, impacting customers’ access to payment systems during this period.
The regulatory authorities, who disclosed the information, emphasized that while nearly 300 small banks are affected, this represents only about 0.5% of the total payment system volumes in India. These banks are primarily cooperative and regional banks operating outside major cities.
NPCI is currently conducting an audit to ensure the attack’s containment. The RBI and Indian cyber authorities had previously alerted banks about potential cyber threats, underscoring the heightened awareness and ongoing efforts to protect the financial sector from such attacks.
