Science & Tech · Cybersecurity · 3 hrs ago
Cyberattacks cost small Indian NBFCs an estimated ₹300 crore in two months
Cyberattacks siphoned an estimated ₹300 crore from Indian NBFCs over roughly two months, with smaller lenders bearing most of the losses.
NBFCs are non-bank financial companies that provide services such as loans.
Nearly 150 complaints or police reports have been filed across the country, including in Delhi, Mumbai and Chennai.
The attacks exploited weak cybersecurity at firms, many with turnover of about ₹1,000 crore or less.
Investigators have identified the Chinese hacking platform CyberStrike in some cases, while other investigations continue.
Experts say AI tools can make it easier to use hacking software and tailor fraud attempts, although the methods are not described as technologically advanced.
Cybersecurity agencies are advising NBFCs to upgrade their systems to reduce the risk of further attacks.
Cyberattacks have cost small Indian non-banking financial companies an estimated ₹300 crore over about two months.
Nearly 150 complaints or first information reports have been filed, according to people cited by the Economic Times.
The attacks have targeted NBFCs with weaker cybersecurity, many of which have turnover of about ₹1,000 crore or less.
Investigators identified the Chinese hacking platform CyberStrike in some cases where probes have been completed.
Officials and experts say AI tools may make it easier for fraudsters to carry out attacks.
- Who
- Mostly smaller non-banking financial companies in India were targeted by fraudsters.
- What
- Cyberattacks are estimated to have siphoned off ₹300 crore, with nearly 150 complaints or FIRs filed.
- When
- Over the past two months or so; attacks became rampant during the past one and a half months.
- Where
- Across India, with complaints reported in Mumbai, Delhi and Chennai, among other cities.
- Why
- The attacks exploited weak cybersecurity at some NBFCs; sources say AI tools and hacking platforms can make attacks easier.
This story does not have two clearly opposing sides.
Fraudsters are estimated to have siphoned off about ₹300 crore from small NBFCs through cyberattacks.
Sources said attacks became rampant, with some companies facing repeated incidents.
An official said attackers study an NBFC's payment processes, whitelisted IDs and code weaknesses before launching an attack.
- Estimated losses
- ₹300 crore
- Reported complaints or FIRs
- Nearly 150
- Delhi NBFC losses
- ₹7.5 crore in one attack and ₹7.25 crore a few days later
- Mumbai complaints
- 30
- Delhi complaints
- More than 25
- Chennai complaints
- 15-16
What people are saying
Some small NBFCs don't know what infra should be there, what time the audits should be done and their systems are very weak
One just needs to put the toolkit in the AI model and give a prompt, and the agent will do the hacking for you