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
The acquisition signals rising confidence in Africa’s digital infrastructure as a viable, long-term ...
The fintech leaders primarily emerge from Nigeria, Egypt, Kenya, and South Africa, nations recognize...
By linking ECOWAS countries, the project enhances regional digital infrastructure, which is crucial ...
As digital technologies reshape Africa's job market, digital skills are becoming crucial for youth i...
- Micro, small, and medium enterprises received over half of business loans in WAEMU in 2024 - Bank ...
Senegal and Vietnam discussed digital tech cooperation on July 23. Talks support Senegal’s goal to become a digital hub and expand rural...
Mali approved a $238M World Bank loan to build key roads, including Sandaré-Diéma. Project boosts the Bamako-Dakar trade corridor and rural...
As digital technologies reshape Africa's job market, digital skills are becoming crucial for youth inclusion. Developing these capabilities widely is...
New industrial and trade dynamics are emerging in Africa, driven by renewable energy. The REN21 network analyzes how these value chains could strengthen...
Perched in the rugged heights of the Djebel Nefoussa in northwestern Libya, Qasr Al Haji (also spelled Ghasr Al-Hajj) is a striking example of traditional...
In southeastern Morocco, near the Algerian border, lies Merzouga—a small village at the heart of the Saharan desert, known for its monumental dunes and...