The lender identified 3,897 customer records in a larger dataset posted online and is reviewing vulnerabilities as it investigates the breach.
State Bank of India is stepping up its defences after a cyberattack exposed the personal details of thousands of customers on the dark web, with chairman C S Setty saying the lender will not hold back spending on cybersecurity and is increasingly looking to artificial intelligence to help counter emerging threats. The move comes as India’s largest state-owned lender seeks to contain the fallout from a breach that has sharpened concern across the banking sector.
According to reporting by Business Standard and Hindustan Times, SBI identified 3,897 customer records among a much larger set of roughly 375,000 records that had appeared online. The exposed information included names, mobile numbers, dates of birth, email addresses, home addresses, gender, branch and customer identifiers, lead IDs and some loan-related data. SBI has said it is still investigating the authenticity, source and extent of the material and that the incident has not materially affected its core operations.
Setty told reporters that the bank’s immediate focus is on finding and fixing weaknesses rather than rushing to a conclusion about how the data left its systems. The Indian Express reported that SBI has already carried out checks on its application programming interfaces, or APIs, which are the software pathways that allow different computer systems to communicate. The bank has also been reviewing vulnerabilities and keeping its response centred on containment while the inquiry continues.
The bank is also working with other institutions on a more coordinated response to cyber risks. The Times of India reported that the Indian Banks’ Association is developing a framework for banks to share information about attacks more quickly, alongside a sandbox environment for testing advanced AI tools in a controlled setting before they are used in live systems. Setty said such an arrangement could help lenders react sooner when one of them is targeted, especially as digital banking expands the number of possible entry points for attackers.
The breach comes during a strong quarter for SBI on the financial side. The lender reported net profit of Rs 23,038 crore for the July-September period, up about 14 per cent from a year earlier, while net interest income rose nearly 15 per cent to Rs 49,143 crore. Loans grew by about 18 per cent and deposits by more than 12 per cent, and the bank kept its guidance for credit and deposit growth unchanged. Even so, SBI shares slipped on Tuesday after the results, as investors weighed the earnings strength against the cybersecurity concerns.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
