Cosmos bank cyber attack case study

Short essay description
Education institutions need to make cybersecurity a priority. Despite the sector facing major challenges such as a lack of staffing and a lack of funding and resources, cyberattacks are no less frequent or less severe in education. In fact, they seem to be gaining ground in prevalence year-on-year as instances of breaches in schools and higher education are widely reported. The more worrying breaches are where student safety is compromised.
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Jayanand Nadar, 30, and Ramesh Gala, 26, were arrested late on Monday from a hotel in Mira Road in the western suburbs. Nadar, a first year college dropout, along with his brother Jayaraj had allegedly duped at least 50, people of Rs. According to EOW sources, in August the duo launched an aggressive and catchy advertisement campaign in the print media that read: "Nothing is impossible. The word itself is: I M Possible.
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Breach is hard to detect due to multiple reasons: Credential breaches that involve social engineering are not detected by preventive technologies like firewall, anti-viruses etc. The more users, assets, and technologies that are introduced, the more the surface expands. The larger this surface, the more ways an attacker could potentially become a network threat. This is also true for mobile devices and cloud services.
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More information has been revealed recently from the Cosmos Bank hacking incident which happened a few weeks ago. As a year old banking institution, Cosmos Bank holds a high regard in the Indian Banking Industry for its security and length of service. The funds apparently were transferred to a Hong Kong account of unknown origin at the time of this writing, as the story further unfolds.
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