Axis Bank, India’s third-biggest private sector lender by assets, said on Wednesday there was no loss to its customers from a recent cyber attack. In July, State-run Union Bank of India said one of the bank’s offshore accounts was breached in a cyber attack, but the money trail was traced and the movement of funds was blocked. Union Bank undertook a cyber security forensic audit to identify and plug gaps, if any. Last month, in a meeting with heads of public sector banks, Finance Minister Arun Jaitley discussed issues related with cyber security and measures to strengthen cyber security. RBI had started a special supervision of banks’ cyber security last year on pilot basis in which it had covered a few large banks.

Source: The Hindu October 19, 2016 18:33 UTC