Famous cyber fraud that shocked India
One of the most significant cyber frauds to have shocked India was the Cosmos Bank cyber attack in August 2018. This incident exposed major vulnerabilities in the country’s financial sector, especially within cooperative banks. Cosmos Cooperative Bank, one of the oldest cooperative banks in India, became the target of a coordinated cyber attack, resulting in a loss of ₹94.42 crore (around $13.5 million). The heist involved fraudulent ATM withdrawals, cloned cards, and unauthorized transfers via the global financial messaging service SWIFT. The sheer scale and sophistication of the attack rattled India’s banking industry.
The attack occurred in two phases, with hackers using malware to breach Cosmos Bank’s ATM switch servers and its SWIFT system. The first phase of the attack involved the withdrawal of ₹78 crore through 12,000 fraudulent ATM transactions in over 28 countries, including the United States, Canada, and Hong Kong. Hackers cloned thousands of ATM cards to enable the mass-scale cash withdrawals. These transactions were executed within a few hours, highlighting how swiftly and efficiently the hackers worked across international boundaries.
Overview of the Cosmos Bank Cyber Attack (2018)
The foundation of carding lies in the acquisition of credit card details. Cybercriminals use various methods to obtain this sensitive information. Common techniques include data breaches, where hackers infiltrate systems of companies that store credit card information, and phishing attacks, where victims are tricked into providing their card details through deceptive emails or websites. Additionally, skimming devices placed on ATMs or point-of-sale systems can capture card data directly from physical cards. Another increasingly common method is through malware, where malicious software is used to harvest credit card information from compromised devices.
The Cosmos Bank cyber attack, one of the largest in India, took place in August 2018. Hackers managed to steal ₹94.42 crore (around $13.5 million) by breaching the bank’s ATM switch servers and the SWIFT payment system. The attack was carried out in two phases, involving fraudulent ATM withdrawals globally and unauthorized international transfers.
For organizations seeking to protect against such sophisticated cyber threats, Pankh Cyber Security Consultancy offers comprehensive services, including vulnerability assessments, incident response, and threat detection.
Breach of ATM Switch Servers
The hackers used malware to infiltrate the ATM switch servers of Cosmos Bank. By compromising this system, they could approve thousands of fraudulent transactions without alerting the bank’s internal security. The first phase of the attack saw ₹78 crore withdrawn through over 12,000 ATM transactions across 28 countries.
Organizations can prevent such breaches with Pankh’s advanced security solutions, which include malware detection systems, 24/7 monitoring, and ATM infrastructure security assessments.
Exploitation of SWIFT Payment System
In addition to ATM fraud, the attackers also compromised Cosmos Bank’s SWIFT system, used for international money transfers. They initiated a fraudulent transfer of ₹13.92 crore to a bank account in Hong Kong. This highlighted vulnerabilities in global financial messaging systems, further exposing the need for robust security measures.
To avoid such breaches, Pankh Consultancy provides tailored solutions for securing SWIFT networks and enhancing compliance with global standards such as ISO/IEC 27001.
Cross-Border Nature of the Fraud
The attack’s scale was international, with withdrawals occurring in countries like the United States, Canada, and Hong Kong. This made tracing the culprits and recovering the stolen money difficult. The global nature of the crime demonstrated the need for international cooperation and real-time fraud detection systems.
Pankh Cybersecurity helps organizations set up cross-border fraud detection and response frameworks, ensuring real-time monitoring and quick incident response for global operations.
Investigation and Arrests
While some individuals involved in the cloning of ATM cards were arrested, the masterminds behind the attack remained elusive. The case illustrated how attackers often operate across jurisdictions, making prosecution difficult. This emphasizes the importance of proactive measures and real-time threat detection.
To stay ahead of threats, Pankh Consultancy provides forensic investigations and incident response services, helping businesses quickly identify and mitigate cyber incidents.
Impact on the Indian Banking Sector
The Cosmos Bank attack exposed significant weaknesses in the cybersecurity infrastructure of cooperative banks, which often lack the advanced systems and resources of larger financial institutions. The breach prompted a response from the Reserve Bank of India (RBI), urging banks to strengthen their cybersecurity measures.
Pankh specializes in building cybersecurity frameworks for banks, offering a range of services including risk assessments, penetration testing, and employee training to safeguard against future threats.
Lessons Learned and Increased Cybersecurity Measures
The attack underscored the need for robust cybersecurity policies, real-time threat detection, and continuous monitoring. Banks and financial institutions must adopt advanced technologies and regulatory compliance to protect against evolving cyber threats.
At Pankh Cybersecurity Services, we provide comprehensive cyber risk management solutions, ensuring that organizations remain compliant with the latest regulatory guidelines and industry best practices.
By implementing Pankh’s cybersecurity services, financial institutions and other organizations can proactively secure their operations and avoid devastating attacks like the Cosmos Bank cyber heist.
In the second phase, the attackers stole an additional ₹13.92 crore by initiating unauthorized SWIFT transfers to a bank account in Hong Kong. This cross-border transfer added a layer of complexity to the crime, making it harder for Indian authorities to track the stolen funds. The attack also raised alarms about the vulnerability of Indian banks to cybercriminals operating from foreign jurisdictions, often beyond the reach of Indian law enforcement.
Attack on the SWIFT System and ATM Servers
1. Breach of SWIFT and ATM Switch Servers
The attack on Cosmos Bank’s SWIFT system and ATM switch servers in 2018 demonstrated the vulnerabilities in key banking infrastructure. Hackers infiltrated the SWIFT system used for international transfers and the ATM servers, allowing them to approve thousands of unauthorized transactions.
To prevent such attacks, Pankh Cybersecurity Consultancy provides expert penetration testing services and infrastructure audits, designed to identify and rectify vulnerabilities in financial systems.
2. Malware Compromise of ATM Switch Servers
In the case of Cosmos Bank, the attackers deployed malware to breach the ATM switch servers, enabling them to bypass the bank’s security protocols. This allowed them to process fraudulent ATM withdrawals without alerting the internal systems, resulting in ₹78 crore stolen globally.
Organizations can mitigate such risks with Pankh’s ATM infrastructure security solutions, which include malware detection, real-time monitoring, and intrusion prevention systems.
3. SWIFT System Exploitation for Unauthorized Transfers
The hackers also compromised Cosmos Bank’s SWIFT network, which handles secure international financial transactions. They initiated a fraudulent transfer of ₹13.92 crore to a Hong Kong-based bank account, exploiting the system’s lack of real-time fraud detection and response capabilities.
Pankh Consultancy offers SWIFT network security solutions, helping banks safeguard their payment systems with multi-layered security protocols and continuous monitoring to prevent such breaches.
4. International Fraud and Cloned ATM Cards
Once the ATM switch was compromised, the hackers cloned thousands of ATM cards and used them for fraudulent withdrawals across 28 countries. The global nature of the withdrawals, including in the U.S., Canada, and Hong Kong, complicated efforts to track the money and identify the perpetrators.
To prevent similar cross-border fraud, Pankh Cybersecurity Services provides anti-fraud systems and fraud detection software that can monitor transactions in real-time and identify suspicious activities across international operations.
5. Lack of Real-Time Monitoring
The successful execution of the Cosmos Bank cyber heist was partly due to the lack of real-time monitoring in both the SWIFT and ATM systems. Without immediate alerts, the hackers were able to continue their activities undetected for hours, causing significant losses.
Pankh Consultancy provides cutting-edge real-time transaction monitoring systems and anomaly detection tools, which help financial institutions spot unusual patterns and act before significant damage occurs.
6. Vulnerabilities in Cooperative Banks
The attack also highlighted the vulnerabilities of cooperative banks, which often lack the advanced cybersecurity defenses of larger financial institutions. The Cosmos Bank breach served as a wake-up call for the entire banking sector to invest in stronger cybersecurity measures.
For cooperative banks and smaller institutions, Pankh offers customized cybersecurity solutions, including affordable penetration testing, risk assessments, and continuous monitoring, tailored to their specific needs.
7. Regulatory Impact and Increased Security Guidelines
Following the Cosmos Bank attack, the Reserve Bank of India (RBI) issued stricter guidelines, urging banks to bolster their cybersecurity measures, particularly in payment networks like SWIFT. This led to the adoption of multi-factor authentication, encryption standards, and enhanced transaction monitoring.
To comply with regulatory standards, Pankh Cybersecurity Consultancy helps organizations align their security infrastructure with global frameworks like ISO/IEC 27001, ensuring compliance with the latest regulations and industry best practices.
8. The Importance of Cybersecurity Preparedness
The breach of Cosmos Bank’s SWIFT and ATM systems served as a stark reminder of the importance of proactive cybersecurity preparedness. Financial institutions must regularly assess their systems, update their security protocols, and invest in advanced technologies to stay ahead of cyber threats.
Pankh provides comprehensive cybersecurity consulting services, including vulnerability assessments, incident response planning, and employee training, ensuring businesses are prepared for the evolving cyber threat landscape.
Cloned ATM Cards and Global Withdrawals
The Cosmos Bank cyber attack in 2018 involved the use of malware to infiltrate the bank’s ATM switch system, which allowed hackers to approve fraudulent ATM transactions. By gaining unauthorized access to this critical infrastructure, the attackers were able to clone thousands of ATM debit cards, enabling massive withdrawals from ATMs worldwide. The use of cloned cards made it easy for the hackers to cover their tracks while siphoning off millions of rupees in multiple countries simultaneously.
At Pankh Cybersecurity Consultancy, we specialize in protecting financial institutions from such attacks by offering ATM infrastructure security assessments and malware detection services. Our solutions help banks identify and mitigate vulnerabilities in their systems, ensuring that similar breaches are prevented.
The hackers executed a highly coordinated attack, conducting over 12,000 fraudulent transactions in the first phase alone. These withdrawals were made in 28 countries, including Canada, Hong Kong, and the U.S., over a short period, making the attack difficult to detect in real-time. The attackers exploited the lack of robust security and monitoring systems to withdraw ₹78 crore from ATMs globally, all without triggering alerts in the bank’s network.
Pankh provides real-time transaction monitoring systems and fraud detection tools that can instantly flag suspicious activities. By monitoring transactions across multiple locations simultaneously, we help banks stop fraudulent activities as soon as they begin, preventing large-scale losses.
One of the most concerning aspects of the Cosmos Bank cyber attack was the cloning of ATM debit cards. The attackers used malware to extract card data from the compromised system and replicated thousands of cards to perform unauthorized withdrawals. The cloned cards enabled them to steal from ATMs without physically possessing the victims’ original cards, bypassing traditional security measures like PIN verification.
With Pankh’s card cloning prevention services, we help organizations protect their customer data by securing their payment processing systems and card issuance infrastructure. Our solutions include encryption protocols and multi-factor authentication, reducing the risk of card cloning and identity theft.
The scale of the attack highlighted vulnerabilities in the ATM switch system of Cosmos Bank. The attackers’ ability to bypass internal security measures and process fake withdrawals demonstrates the need for stronger defenses in core banking systems. Cooperative banks, in particular, which often have weaker cybersecurity infrastructure, are more prone to such attacks.
At Pankh, we work with cooperative banks and smaller financial institutions to enhance their cybersecurity infrastructure. Our penetration testing and vulnerability assessments are designed to identify potential weaknesses in the system, helping institutions strengthen their defenses against malware attacks and other threats.
The global nature of the withdrawals made it challenging to track the perpetrators, as transactions occurred simultaneously across different countries. Hackers often target banks with international networks to take advantage of time zone differences and regulatory gaps between countries. In the Cosmos Bank case, fraudulent withdrawals were made in quick succession, leaving little room for detection or response.
To combat these kinds of cross-border frauds, Pankh Consultancy offers advanced anti-fraud systems that monitor transactions across multiple regions. Our solutions are equipped with AI-driven analytics to detect unusual patterns and geolocation tracking that can identify potential fraud in real-time.
The cloning of cards and subsequent global withdrawals exposed the lack of multi-layered security within the ATM and transaction approval systems. By implementing basic security measures like two-factor authentication or stronger encryption, financial institutions can significantly reduce the risk of such attacks. However, many banks, especially smaller ones, have lagged in adopting these measures.
Pankh’s cybersecurity services include the implementation of multi-factor authentication and encryption solutions that ensure transactions are secure at every step. These defenses add additional layers of protection, making it more difficult for hackers to clone cards or authorize fraudulent withdrawals.
The attack on Cosmos Bank was a wake-up call for the entire financial sector, demonstrating the importance of proactive cybersecurity measures. The fact that hackers could clone thousands of cards and execute such a large-scale heist across borders underscored the growing threat of cybercrime. It also highlighted the need for continuous monitoring and regular system updates to keep pace with evolving cyber threats.
Pankh provides end-to-end cybersecurity consulting services, from risk assessments to cybersecurity audits, ensuring that organizations are prepared to face modern cyber challenges. We work closely with financial institutions to build resilient systems that can detect, prevent, and respond to cyber threats in real-time.
To avoid falling victim to attacks like the Cosmos Bank cyber heist, banks and financial institutions need to invest in advanced security technologies and adopt best practices for data protection. By regularly updating their systems and implementing comprehensive security frameworks, they can stay one step ahead of cybercriminals.
Pankh Cybersecurity Consultancy offers a full suite of services, including incident response planning, employee training, and cyber risk management, helping organizations safeguard against the next generation of cyber threats.
The cyber fraud was highly sophisticated, with the attackers timing the breach meticulously and targeting weak points within the bank’s infrastructure. By breaching the ATM switch system, the attackers could authorize withdrawals without triggering the bank’s internal security alerts. They also bypassed authentication protocols in the SWIFT system, which allowed them to make unauthorized international transfers. This dual-method attack – targeting both ATM withdrawals and SWIFT transfers – was unprecedented in India’s banking history
Transfer of ₹13.92 Crore via SWIFT
1. Unauthorized Transfer of ₹13.92 Crore via SWIFT
In the Cosmos Bank cyber attack of 2018, hackers exploited vulnerabilities in the bank’s SWIFT system, initiating an unauthorized transfer of ₹13.92 crore (about $2 million) to a Hong Kong-based bank account. The breach of this international payment messaging system demonstrated the growing sophistication of cybercriminals targeting cross-border financial networks.
For organizations handling international transfers, Pankh Cybersecurity Consultancy offers SWIFT network security audits and compliance solutions to help secure these high-stakes financial systems from unauthorized access and breaches.
2. Exploiting Weaknesses in Global Financial Messaging Systems
The attackers manipulated Cosmos Bank’s access to SWIFT (Society for Worldwide Interbank Financial Telecommunication), which is a secure platform used for sending payment instructions between financial institutions globally. The absence of multi-factor authentication and real-time monitoring allowed hackers to execute the fraudulent transfer unnoticed, underscoring the need for robust defenses.
To prevent such breaches, Pankh provides solutions for enhancing SWIFT security, including multi-factor authentication and real-time transaction monitoring to detect and stop unauthorized transactions before they are completed.
3. Cross-Border Challenges in Fraud Detection
The transfer of ₹13.92 crore to a foreign bank account in Hong Kong posed significant challenges for the recovery of funds, as the international nature of the fraud required cooperation between multiple jurisdictions. Hackers often exploit these gaps in cross-border fraud detection to launder money swiftly and evade local authorities.
At Pankh, we offer cross-border fraud detection systems and international anti-fraud strategies to help organizations monitor and respond to fraudulent activities across different jurisdictions.
4. Lack of Real-Time Alerts
One of the key reasons the ₹13.92 crore transfer went undetected was the lack of real-time alerts in Cosmos Bank’s SWIFT system. While SWIFT is a secure platform, the bank’s inability to detect unusual activity on its network allowed hackers to execute the transfer without triggering any alarms.
Pankh Cybersecurity Consultancy specializes in implementing real-time monitoring tools for SWIFT systems, ensuring that any suspicious activity or unusual transfers are immediately flagged and investigated.
5. Advanced Malware Used to Breach the SWIFT System
The attackers used advanced malware to infiltrate the Cosmos Bank SWIFT system, which helped them bypass existing security protocols and gain unauthorized access. Once inside the system, they initiated the fraudulent transfer without the bank’s knowledge.
To protect against these sophisticated malware attacks, Pankh offers malware detection services and SWIFT-specific security assessments that identify and eliminate weaknesses in financial messaging systems before they can be exploited.
6. Impact on Indian Financial Institutions
The breach of the SWIFT system and subsequent transfer of ₹13.92 crore sent shockwaves through India’s financial sector, prompting the Reserve Bank of India (RBI) to issue stricter guidelines for SWIFT transactions. These included recommendations for improved multi-factor authentication, daily reconciliation, and better transaction monitoring.
Pankh Cybersecurity provides financial institutions with compliance services to help them align with regulatory requirements, ensuring that their SWIFT operations meet the highest security standards.
7. The Importance of Securing International Payment Systems
The Cosmos Bank heist highlighted the need for financial institutions to prioritize the security of international payment systems like SWIFT. A single breach can lead to significant financial losses and damage to an organization’s reputation. Regular security updates, robust authentication, and strict monitoring are essential to preventing such attacks.
At Pankh, we help businesses secure their SWIFT payment networks by offering a range of services, including penetration testing, vulnerability assessments, and security awareness training for employees.
8. A Wake-Up Call for the Banking Industry
The ₹13.92 crore SWIFT transfer fraud was a wake-up call for the Indian banking industry. It highlighted how even widely trusted systems like SWIFT are vulnerable to sophisticated cyber attacks if not adequately secured. Financial institutions worldwide have since increased their focus on cybersecurity measures and transaction monitoring.
Pankh Consultancy works with banks and financial institutions to strengthen their overall cybersecurity posture, offering comprehensive cyber risk assessments, incident response planning, and regulatory compliance solutions tailored to secure international payment systems and reduce the risk of cyber fraud.
Timing and Scale of the Attack
1. Well-Coordinated Timing of the Cosmos Bank Cyber Attack
The Cosmos Bank cyber attack was meticulously planned and executed over two days in August 2018, allowing the hackers to siphon off ₹94.42 crore (approximately $13.5 million) in a very short time frame. The attackers strategically chose the timing to exploit vulnerabilities in the bank’s security system during a period when global financial operations were less likely to be closely monitored.
Organizations can strengthen their defenses against such timed attacks with Pankh’s 24/7 real-time monitoring services, which provide constant vigilance and detect suspicious activity at any time of day.
2. Simultaneous ATM Withdrawals Across 28 Countries
The hackers coordinated thousands of fraudulent ATM withdrawals in 28 countries, including the U.S., Canada, and Hong Kong, during the first phase of the attack. The global scale of the ATM fraud, involving over 12,000 transactions, made it challenging for Cosmos Bank to detect the breach in real time.
Pankh Cybersecurity Consultancy offers global fraud detection systems that monitor transactions in real time across multiple locations, allowing organizations to stop fraudulent activities no matter where they occur.
3. Execution During Off-Peak Hours
The timing of the attack was carefully chosen to exploit off-peak banking hours when fewer staff were monitoring systems. This allowed hackers to carry out unauthorized withdrawals and transfers without immediate detection. The lack of real-time fraud monitoring during these off-peak hours contributed significantly to the success of the cyber attack.
At Pankh, we provide automated transaction monitoring solutions that function round the clock, ensuring that even during off-peak hours, suspicious activities are flagged and investigated.
4. Phased Attack Strategy
The attack on Cosmos Bank occurred in two phases. The first phase involved fraudulent ATM withdrawals, while the second phase targeted the SWIFT network for international money transfers. The multi-phased approach allowed the attackers to diversify their methods and maximize the amount of money stolen before the breach was detected.
Pankh Cybersecurity helps organizations develop robust incident response plans and fraud detection strategies, capable of identifying and mitigating attacks even when they occur in multiple phases.
5. Leveraging Time Zone Differences
The hackers took advantage of global time zone differences to coordinate ATM withdrawals in countries where banks were least likely to detect fraud immediately. By leveraging these time zone gaps, they maximized the delay in fraud detection and response, allowing them to steal a significant amount before alerts were triggered.
Pankh Consultancy provides cross-border fraud monitoring solutions that ensure real-time tracking of transactions across various time zones, enabling organizations to detect and respond to fraud no matter where it originates.
6. Large-Scale International Collaboration by the Hackers
The international scale of the attack required coordination among numerous individuals and groups across different countries. Hackers worked in tandem to carry out simultaneous ATM withdrawals globally, highlighting the increasing sophistication of cybercrime syndicates.
Pankh’s cybersecurity consultancy services include international fraud prevention frameworks that help organizations protect against cross-border cyber attacks, ensuring that international operations are secured against coordinated threats.
7. The Speed of the Attack’s Execution
The speed with which the hackers executed the attack – completing over ₹94 crore in fraudulent transactions within 48 hours – underscores the importance of rapid response and real-time fraud detection. The bank’s inability to respond quickly allowed the cybercriminals to withdraw a substantial amount before any mitigation efforts could be put in place.
To defend against such fast-moving attacks, Pankh offers real-time fraud detection and incident response services, which enable organizations to act immediately when a breach is detected, minimizing the potential financial and reputational damage.
8. Impact of Coordinated Large-Scale Cyber Attacks
The large-scale attack on Cosmos Bank demonstrated how cybercriminals are capable of orchestrating complex, coordinated attacks that exploit systemic vulnerabilities in financial institutions. The scale of the attack not only led to significant financial loss but also highlighted the need for stronger, multi-layered cybersecurity measures across the banking sector.
Pankh Cybersecurity helps banks and financial institutions build multi-layered security infrastructures, combining advanced technology, real-time monitoring, and incident response to prevent large-scale attacks like the one on Cosmos Bank from succeeding.
Lessons Learned and Increased Cybersecurity Awareness
A Wake-Up Call for India’s Financial Sector
The Cosmos Bank cyber attack in 2018 served as a wake-up call for India’s financial institutions, revealing critical gaps in cybersecurity infrastructure. The breach underscored the importance of staying vigilant and proactive in defending against increasingly sophisticated cybercriminals. The event triggered an urgent push toward strengthening cybersecurity awareness across the industry, prompting many organizations to re-evaluate their defenses.
Pankh Cybersecurity Consultancy provides comprehensive cybersecurity audits and employee awareness programs to help financial institutions stay ahead of cyber threats and reduce the risk of internal vulnerabilities being exploited.
Importance of Advanced Intrusion Detection Systems
One of the key lessons from the Cosmos Bank attack was the need for advanced intrusion detection systems (IDS). The bank’s existing systems failed to detect the hackers in time, allowing them to breach its core infrastructure and initiate fraudulent transactions. Having a robust IDS that can monitor network traffic and detect unusual patterns is crucial for preventing such attacks.
Pankh offers state-of-the-art intrusion detection and prevention systems that identify and neutralize potential threats before they can compromise an organization’s infrastructure, ensuring real-time protection against cybercriminals.
Real-Time Monitoring of Financial Networks
The attack revealed the critical need for real-time monitoring of financial networks. Cosmos Bank’s lack of immediate alerts allowed hackers to execute fraudulent transactions and withdrawals globally without detection. This highlighted the importance of having constant surveillance over banking operations to detect and stop suspicious activities in real-time.
Pankh Cybersecurity Services provides 24/7 real-time monitoring solutions, ensuring that financial institutions can detect, investigate, and respond to cyber threats as they happen, minimizing potential damage and preventing unauthorized transactions.
Adherence to Global Cybersecurity Standards
The breach emphasized the importance of aligning cybersecurity practices with global standards like ISO/IEC 27001. This international standard outlines best practices for information security management and ensures that organizations follow a structured approach to safeguarding sensitive data and critical systems.
At Pankh, we help organizations achieve ISO/IEC 27001 certification by guiding them through the implementation of security protocols, conducting audits, and ensuring that they meet the necessary criteria to maintain compliance with global cybersecurity standards.
Enhanced Focus on Cybersecurity Training
The attack highlighted the need for cybersecurity training across all levels of an organization. Employees are often the first line of defense against cyber threats, and raising awareness of potential risks can significantly reduce the chances of breaches caused by phishing, social engineering, or human error.
Pankh Consultancy offers tailored cybersecurity training programs designed to educate employees on best practices, how to spot phishing attempts, and the importance of maintaining security protocols, thereby reducing the risk of cyber incidents caused by human factors.
Strengthening Third-Party Security
The breach also underscored the importance of securing third-party access. Many financial institutions rely on external vendors for various services, and inadequate security on the part of these vendors can expose banks to significant risks. Ensuring that third-party partners follow stringent cybersecurity protocols is essential for protecting sensitive systems.
Pankh Cybersecurity provides vendor risk assessments and third-party security audits, helping financial institutions ensure that their partners meet the necessary security standards and do not introduce vulnerabilities into their systems.
Multi-Layered Defense Strategies
A key takeaway from the Cosmos Bank attack was the need for multi-layered cybersecurity defense. Relying on just one or two protective measures is no longer sufficient in today’s evolving threat landscape. Financial institutions need a combination of firewalls, IDS, encryption, and real-time monitoring systems to safeguard their operations effectively.
Pankh offers a holistic approach to cybersecurity, combining firewall management, encryption, real-time monitoring, and threat intelligence services to build a comprehensive security framework that protects against a wide range of cyber threats.
Regular Security Audits and Updates
The Cosmos Bank attack also showed the importance of conducting regular security audits and keeping systems updated. Cyber threats are constantly evolving, and organizations need to stay ahead by ensuring that their defenses are up to date and resilient against new attack methods. Regular audits help identify vulnerabilities and enable timely patching of security gaps.
Pankh Cybersecurity Consultancy provides continuous security audits, ensuring that organizations can keep their defenses current and effective. Our services include vulnerability assessments, patch management, and proactive security measures to help financial institutions stay protected against the latest threats.
