Cyberattacks affect 20 financial institutions; CERT-In warns on API vulnerabilities and security measures

Cyberattacks have affected around 20 financial institutions in India, with hackers allegedly stealing funds by exploiting vulnerabilities in payment APIs and partner-bank credentials. This incident highlights the growing threat of cybercrime in the financial sector, which can have significant consequences for markets and trade. The advisory from CERT-In serves as a warning to banks, NBFCs, and fintech firms to strengthen their security measures and protect their customers' sensitive information, thereby maintaining trust in the financial system.

Why it matters

Cyberattacks have affected 20 financial institutions, exploiting stolen credentials and vulnerabilities. This could lead to a loss of investor confidence in the financial sector.

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