Following Microsoft, the Indian banking system has also been hit by a major cyber attack. On Wednesday, operations at over 300 small banks across the country were disrupted. Reports suggest that the ransomware attack not only impacted bank operations but also caused failures in online payment systems. The attack targeted the company that provides technical support to these small banks. Let’s find out what ransomware attack is.

The ransomware attack most severely affected customers of co-operative banks and rural regional banks that rely on SBI and TCS's joint venture, C-Edge Technologies. As a result, customers were unable to withdraw cash from ATMs or transfer funds via UPI. According to NPCI, the connectivity has been restored. 

Ransomware attack

A ransomware attack is a type of malware that locks your computer files and asks for money to unlock them. This type of attack is often referred to as digital kidnapping. Even after paying the ransom, there is no guarantee that the data will be returned. Ransomware is currently one of the simplest methods for hackers to execute cyber attacks, and it has previously targeted hospitals and public service offices as well.

How to avoid ransomware

•    Regularly back up your data.
•    Avoid downloading unverified email attachments.
•    Refrain from clicking on unknown links.
•    Do not comply with hackers' demands.
•    Report cyber attacks promptly to Cyber Crime and CERT-In.