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RBI fines YES Bank for failing to report cyber security attack on its ATM network

The Reserve Bank of India (RBI) has imposed a fine of Rs 6 crore on YES Bank for failing to report a cyber security breach of its ATM network, and for breaching its rules regarding Income Recognition Asset Classification (IRAC). Regarding the security breach, RBI said that: A cyber-security incident involving ATMs of the bank was also not reported by the bank within the prescribed timeframe. Based on the inspection report and other relevant documents, a Notice was issued to the bank dated July 6, 2017, followed by a supplementary notice dated August 24, 2017, advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by RBI. After considering the bank’s replies, oral submissions made in the personal hearings, as also the additional information and documents furnished, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty. Last year, between May 25 and July 10 card data of an estimated 3.2 million customers were stolen from 90 YES Bank ATMs and point of sale (PoS) terminals managed by Hitachi Payment Services Pvt. Ltd. However, it wasn't till September of last year that the extent of the breach came to light. Customers of State Bank of India (SBI), Axis Bank, ICICI Bank, and HDFC Bank, besides YES Bank were affected by this data breach. Of the debit cards affected, about 2.65 million were on the Visa and MasterCard platforms, while a further 600,000 were…

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