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SBM Bank India lost $14 million in cyber attack

SBM Bank India lost $14 million in cyber attack
  • Comments   -   Friday, 05 October 2018 - 12:09

(Ecofin Agency) - State Bank of Mauritius (SMB) Holdings announced that it lost $14 million in a cyber attack targeting its operations in India. The bank listed on Mauritius stock exchange assured its clients that despite this incident, their savings are secure.

"The SBM Group remains well capitalised and has sufficient liquidity to continue to finance its future plans", the bank indicated. While an internal investigation has been launched, the bank’s managers announced that they have strengthened the cybersecurity measures and expect to recover the major part of the lost funds.

SBM Holdings operates in India via its subsidiary SBM Bank India. Recently, it announced that it would open six new subsidiaries in the South Asian country by 2019. Apart from that, the Mauritius bank was planning to extend its products and financial services to that country where many Mauritius citizens are living.

Chamberline Moko

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