The Central Bank of India accidentally opened access to transaction information for millions of customers

The Central Bank of India accidentally opened access to transaction information for millions of customers

The Central Bank disclosed access to transaction data of millions of users

The Central Bank of India (SBI) server by ridiculous chance revealed information about the operations of millions of users. The problem was eliminated after some time, but the data had already been “merged” into the Internet. An anonymous company of specialists was hired to determine the cause of the incident. Her analysis determined that before the leak of the Central Bank of India did not even put the password on the main server.
Then, a few days later, it became known that the server that contained the private database was located in Mumbai and poured into the Internet data about a huge number of accounts. Information probably contains current balance, account numbers and transaction history. How long the server was without protection is not yet clear, and the Central Bank of India keeps significant silence – the bank representatives clearly have nothing to say.

Crypto community mocks the situation with the Central Bank of India

The head of the crypto fund, Morgan Creek, has not missed a chance to remind that central banks are subject to numerous risks of hacking and data leaks, unlike cryptocurrency projects with distributed data storage. Anthony Pompiano urged everyone to invest in Bitcoin and bypass banks that allow such leaks.

It should be noted that in the USA since the autumn of last year, they are working on a new edition of the law on the protection of private customer data. Congressmen want to imprison up to twenty years heads of companies who have hidden the facts of leaks of personal data.
The new bill proposed by the representative of Oregon, in many respects similar to the European GDPR. If the proposal is accepted, the directors of global American IT-enterprises will have to provide reports on the storage and use of their customers’ data.
If they try to hide the fact that such data is leaked, their heads will go to jail. While the document is still in the process of writing, but the senator has published a draft so that the public can participate in the discussion.

Under the proposed scheme, companies with a profit of $ 1 billion and 50 million users will have to report to the Federal Trade Commission of the country on what measures they take to protect and competently use user data.

The senator recalls that the modern economy consumes a tremendous amount of personal information, including shopping habits, conversations with other people, preferred literature, and much more – all this falls into the databases of large companies. But ordinary people are unlikely to understand the processing and storage of personal data.
The draft law specifies the minimum allowable data privacy protection standards and measures to achieve cybersecurity. If companies neglect these rules, they will face a penalty of 4 percent of their annual income. In addition, if the company is silent about the leakage of information, its head will go to jail.
It is noteworthy that many IT-companies support to adopt a similar law in the United States. So, Tim Cook, the head of Apple, noted that modern society is in crisis due to insufficient personal data security measures, and this issue needs to be resolved as soon as possible.