Connect with us

Business

SBI denies data breach; says servers, customer data fully secure

Agencies

Published

🕒

on

IST

Mumbai:The country’s largest lender State Bank of India denied reports that its servers have been compromised last week and assured that all its customer data continue to remain safe and secure.

According to a news item published by US-based TechCrunch, SBI has some unprotected servers which gave access to the financial information of its millions of customers to anyone looking for it. The report, however, did not quantify as to how many of SBI’s over 42.2 crore customers were hit.

SBI said it has thoroughly investigated the matter after it was brought to the notice. “Our investigation has revealed that our servers are fully protected and there was no breach at all,” the bank tweeted Friday and assured that data of all its customers are safe and secure.

 

TechCrunch report had claimed that the SBI servers stored two months of data from SBI Quick, a service that involves banking by giving a missed call or sending an SMS. It said the bank did not protect the server with a password, making access to customers’ data open to anyone looking for it.

The bank said the incident under question relates to a service in which account information is quickly made available to a customer through an ongoing SMS service after taking care to mask account details so that customer data is protected.

The masking in any case ensures that there is a basic protection for the customer data. The process uses services of telecom companies and aggregates who have experience in the field and there are strict protocol are set up for these players.

“The investigation has revealed that there was a mis-configuration or lacuna in their process that arose on January 27 and was subsequently rectified,” the bank said.

The lender further said it is doing everything possible to ensure that no such weaknesses remain in the process used by the service providers that it uses for its various services.

“We would like to once again assure our customers that protection of their personal data and our IT systems and processes are of paramount importance to us and we will leave will no stone unturned in ensuring this,” the bank said.


Advertisement
Loading...
Comments

Business

Saudi signs deals to invest USD 20 bn in cash-strapped Pakistan

Press Trust of India

Published

on

Islamabad: Pakistan and Saudi Arabia have signed a slew of investment agreements worth USD 20 billion which will provide a welcome relief to the teetering economy of the cash-strapped South Asian country.

At a ceremony in the Prime Minister House, Pakistan and Saudi officials signed MoUs for bilateral cooperation in a number of areas a process overseen by Pakistan premier Imran Khan and Saudi Crown Prince Mohammad bin Salman, who arrived in Pakistan on Sunday evening on a two-day visit.

“Today we signed MoUs. The amount of that kind of investment is USD 20 billion. It is big for phase one and definitely it (Saudi investment in Pakistan) will grow every month, every year in bigger numbers and it will be beneficial for both the countries,” the crown prince said.

 

“Pakistan is going to be very, very important country in the future and we want to be sure we are part of that,” he added.

Seven agreements, including MoUs in power, petrochemical and mining sectors, were inked as Prince Salman launched his diplomatic trip to Asia in Islamabad.

After Pakistan, the crown prince will travel to India, where he will meet Prime Minister Narendra Modi and Petroleum Minister Dharmendra Pradhan.

He is expected to finish the trip with a visit to China on Thursday and Friday.

Prince Salman said Saudi “cannot say no to Pakistan, whatever you (Pakistan) want we will do.”

“For Pakistanis, this is a great day,” the Pakistani premier said while addressing a dinner reception held in honour of the visiting Saudi guests at the PM House.

He said Saudi Arabia has always been there when Pakistan needed friends.

“I want to thank you for the way you helped us when we were in (a) bad situation,” Khan told the royal guest, adding that Pakistan and Saudi Arabia were now taking their relationship to a new level, where investment agreements would be mutually beneficial for the countries.

“The future is exciting for both Pakistan and Saudi Arabia after joining hands,” he said.

Continue Reading

Business

Cement, fruit shipments from Pakistan among 10 most hit imports after duty hike

Agencies

Published

on

New Delhi: Fresh fruits, cement and leather are among the 10 main imported items from Pakistan that would take a major hit following the imposition of 200 per cent customs duty by India on products from the neighbouring country in the aftermath of Pulwama attack, say experts.

The top ten products exported by Pakistan to India include fresh fruits, cement, petroleum products, minerals, and leather. Processed minerals, inorganic chemicals, raw cotton including waste, cotton fabrics, and glass and glassware are also among such items that account for 95 per cent of the total shipments.

“After drastically hiking the import duty on goods coming from Pakistan, we will isolate them in front of trade. Hiking of the duty at this level would completely hit exporters of Pakistan,” Professor Biswajit Dhar of Jawaharlal Nehru University (JNU) said.

 

Sharing similar views, Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that Pakistan would face significant impact due to this decision.

The two main items imported from Pakistan are fruits and cement, which attracted customs duty of 30-50 per cent and 7.5 per cent, respectively.

Domestic importers who have already placed their orders from Pakistan may face issues after this decision. They may have to pay the 200 per cent duty or undertake lot of paperwork to get their consignments, an industry source said.

Taking strong economic action against Pakistan following the Pulwama attack, India Saturday raised the customs duty to 200 per cent on all goods imported from the neighbouring country.

India’s imports from Pakistan had increased to USD 488.5 million in 2017-18 from USD 455.5 billion in 2016-17.

Hike in the duty would drastically increase the prices of Pakistani goods in Indian markets which would make them far less competitive as compared to other imported goods. Slapping an import duty of 200 per cent effectively means almost banning the imports from Pakistan.

Total India-Pakistan trade has increased marginally to USD 2.41 billion in 2017-18 as against USD 2.27 billion in 2016-17.

At least 40 CRPF personnel were killed and five injured on Thursday in one of the deadliest terror attacks in Jammu and Kashmir when a Jaish-e-Mohammad suicide bomber rammed a vehicle carrying over 100 kg of explosives into their bus in Pulwama district.

Continue Reading

Business

India needs fewer but stronger, mega banks: FM Jaitley after RBI meet

Agencies

Published

on

New Delhi: Finance Minister Arun Jaitley addressed the customary post-budget meeting of the central board of the Reserve Bank on Monday.

Post the meeting, Jaitley said India needs fewer and mega banks which are strong.

“India needs fewer and mega banks which are strong because in every sense from borrowing rates to optimum utilisation the economies of scale as far as the banking sector is concerned are of great help,” Jaitley said.

 

On interim dividend, RBI Governor Shaktikanta Das said the central bank will take the decision based on the report by Bimal Jalan-led Committee.

Das also said that the RBI will discuss the issue of transmission of rate cut with bank chiefs on February 21.

Earlier this month, the Reserve Bank cut the benchmark interest rate by 0.25 per cent to 6.25 per cent.

Continue Reading

Latest News

Subscribe to The Kashmir Monitor via Email

Enter your email address to subscribe to The Kashmir Monitor and receive notifications of new stories by email.

Join 988,243 other subscribers

Archives

February 2019
M T W T F S S
« Jan    
 123
45678910
11121314151617
18192021222324
25262728  
Advertisement