2018 Mumbai Security Summit , Events

Cosmos Bank Breach: The Implications and the Security Lessons Learned

Cosmos Bank Breach: The Implications and the Security Lessons Learned
India recently witnessed a broad international attack on the banking system. Cosmos Cooperative Bank in Pune became the victim of cyber fraudsters as hackers infiltrated the bank's system and siphoned of $13.5 million, which was allegedly transferred to a Hong Kong-based entity using SWIFT.

Most breaches are caused by the failure of some processes in the system that are known to be vulnerable for months or even years. What are the biggest lessons to learn? Do we have to change the way we think about protecting our data? How can the customer data be truly protected and the money be saved so won't see another attack like the Cosmos Bank breach? What are the hard lessons organizations need to learn from this breach?

The panel examines some of the biggest issues Cosmos Bank dealt with after its data breach and what other organizations can do to prevent such a disaster.

The panel discusses:

  • Long-term implications of the Cosmos Bank breach;
  • Why complacency is the enemy;
  • Effective patch management and log analyses;
  • Why a "one size fits all" approach to security won't work.
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