From SBI to Binance, how financial institutions are becoming cyberattack targets
Recent incidents involving cryptocurrency exchange Binance and Indian public sector lender State Bank of India (SBI) have once again put the spotlight on the issue. While Binance reported a security breach involving unauthorised cryptocurrency withdrawals estimated at around $6.3 billion, SBI is investigating a suspected data leak involving nearly 3,900 customer records.
Financial institutions worldwide, including major players like Binance and the State Bank of India (SBI), are increasingly becoming targets of cyberattacks. The incidents highlight the growing vulnerability of sensitive customer information and funds in the face of sophisticated hacking techniques. In recent months, Binance reported a significant security breach, with an estimated loss of around $6.3 billion due to unauthorized cryptocurrency withdrawals, while SBI is currently investigating a suspected data leak involving nearly 3,900 customer records.
The rise in cyberattacks targeting financial institutions in India is a growing concern, with hackers employing various methods such as stolen employee credentials, weak APIs, third-party service providers, and poor passwords, exacerbated by the use of artificial intelligence to identify vulnerabilities and execute attacks more efficiently.
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