Cosmos Bank Cyber Heist: A Detailed Case Study

Exploring the Cyber Attack that Shocked India

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Slide 1: Introduction to Cosmos Bank

A Legacy of Trust

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  • Founded in 1906, Cosmos Cooperative Bank is a prestigious institution in India.
  • It stands as one of the oldest cooperative banks, with a mission to serve its members.
  • Headquartered in Pune, Maharashtra, it has a strong community presence.
  • This bank has a rich history of ethical banking practices.
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Slide 2: The Shocking Incident

A Major Cyber Attack

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  • The incident took place between August 11-13, 2018, marking a dark chapter in banking security.
  • A staggering ₹94.42 crore was lost in a meticulously planned cyber heist.
  • The attack unfolded in two phases, showcasing the attackers' sophistication.
  • This incident raised alarms about cyber security in the financial sector.
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Slide 3: Unveiling the Modus Operandi

A Three-Phase Attack

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  • Phase 1 revealed hackers breaching bank systems, stealing cardholder info.
  • Phase 2 demonstrated their reach with 12,000 fraudulent ATM withdrawals globally.
  • Phase 3 highlighted swift transfers via a compromised SWIFT system to Hong Kong.
  • This plan displayed a high level of organization and execution by the criminals.
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Slide 4: Collecting Evidence

Tracing the Footsteps

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  • Digital logs show unauthorized access, raising red flags for investigators.
  • Surveillance footage illustrated the scale of ATM transactions at different locations.
  • Malware traces in the bank's system pointed towards a sophisticated cybercriminal network.
  • Financial data indicated abnormal transaction activities preceding the heist.
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Slide 5: Witness Accounts

Voices of Concern

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  • Internal staff provided key testimonies on unusual banking activities.
  • External witnesses, including ATM users, reported suspicious withdrawals.
  • Surveillance footage became crucial in piecing together the events.
  • These testimonies were vital in understanding the breach's impact.
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Slide 6: The Victims

Who Was Affected?

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  • Cosmos Bank emerged as the primary victim, absorbing the massive loss.
  • Customers were secondary victims, but the bank assured their accounts were safe.
  • The incident highlighted vulnerabilities in the banking sector at large.
  • Trust issues arose, affecting customer relations after the heist.
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Slide 7: Investigative Efforts

Digging for Truth

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  • Major investigative bodies included Pune Police’s Cyber Crime Cell and Maharashtra Cyber Police.
  • International collaboration with INTERPOL enhanced the investigation's scope.
  • Findings began to unveil identities tied to the cybercriminals involved.
  • The investigation emphasized the need for robust cybersecurity protocols.
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Slide 8: The Aftermath

Lessons Learned

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  • The heist triggered a reevaluation of cybersecurity measures in banks.
  • Regulatory bodies began implementing stricter financial security regulations.
  • It created awareness about the importance of customer data protection.
  • Banks are now investing more in technology to prevent future attacks.
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Slide 9: Conclusion & Thanks

A Cautionary Tale

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  • The Cosmos Bank case is a critical example of modern banking vulnerabilities.
  • It serves as a lesson for institutions to enhance their security measures.
  • Thank you for exploring this case study with me today.
  • Let’s continue to prioritize security and protect our financial future together!
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