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India’s second-largest depository, CDSL, detects malware in its systems but claims no data was compromised

CDSL, a crucial for holding securities in a dematerialized form, disclosed the malware detection as “initial findings”

Abstract Technology Binary Code Dark Red Background. Cyber Attack, Ransomware, Malware, Scareware Concept

India’s second-largest depository, Central Depository Services Limited (CDSL), reported that it detected malware in a few “internal machines”, according to a disclosure filed with the National Stock Exchange on November 18, 2022. The company claimed that no confidential information or investor data was compromised as per “initial findings”, the disclosure added. Why it matters: CDSL is a crucial market infrastructure institution which acts as a facilitator for holding securities in a dematerialised form and carrying out securities transactions. It is important to make a note of this development because a breach in such a company can end up compromising data of lakhs of investors. The company claims to have over 7 crore demat accounts on its website across India. These accounts hold more than five lakh securities in these accounts worth crores of rupees. The attack highlights the need for the country to train its focus on its response to cybersecurity incidents and it will be prudent to implement the National Cybersecurity Strategy as soon as possible. What else do we know: The disclosure revealed that the company has isolated the machines and disconnected itself from other constituents of the capital market owing to which there was a delay in settlement last week. The company also informed the NSE that the incident has been reported to authorities (possibly CERT-In). Moreover, it was working with its cyber security advisors to analyse the impact of detected malware. The company did not reveal the nature of the malware or details of its resolution in…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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