Cyber Crime
C-Edge, a TCS and SBI Joint Venture, Hit by a Massive Ransomware Attack
NPCI has disconnected C-Edge Technologies from all retail payment services following an alleged ransomware attack on the company. This move affects customers of banks using C-Edge’s services, impacting UPI, IMPS, and other retail payment services. The disconnection aims to protect the larger banking ecosystem, with services expected to be restored soon.
The National Payments Corporation of India (NPCI) has taken decisive action by disconnecting all retail payment services provided by C-Edge Technologies following an alleged ransomware attack on the company. This move comes two days after the Mumbai-based technology company, which primarily serves regional rural banks and cooperative banks, reported the cyber incident.
C-Edge Technologies, a joint venture between software giant TCS and the State Bank of India, offers various payment services, including UPI and IMPS, to a network of banks. In a statement on X (formerly Twitter), NPCI explained that the disconnection was necessary to prevent a larger impact on the payment ecosystem. “To prevent a larger impact on the payment ecosystem, NPCI has temporarily isolated C-Edge Technologies from accessing the retail payment systems operated by NPCI,” the statement read.
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Customers of banks powered by C-Edge Technologies will experience interruptions in accessing retail payment services like UPI, IMPS, and others managed by NPCI. Despite this, a senior banker mentioned that the overall volume impact would be less than 1%. “NPCI had to isolate its systems to ensure the larger banking ecosystem is safe. The restoration work has already started. The banks should come back online by tomorrow,” the banker said.
C-Edge Technologies reported an operational revenue of Rs 355 crore in the fiscal year 2023, with a net profit of Rs 85 crore. The company provides payment technology, core banking systems, and compliance solutions for banks. NPCI’s swift action underscores the importance of cybersecurity in maintaining the integrity and stability of financial systems.