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 Group Name: ACE

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161-116-172

Authadur Rahman 161-116-184

Shappon Miah Raju 161-116-180

Walid Ahmed 161-116-188

 “Cosmos Bank Cyber Theft”

Introduction

A new high-profile cyber-attack targeting SWIFT/ATM infrastructure of Cosmos

Bank (COSDINBB) made The Cosmos Co-operative Bank Ltd. (Cosmos Bank)
famous, which was established in 1906, is one of the oldest Urban Co-operative
Banks in India. The cyber attack caused the bank a huge amount of financial
damage, resulting in over $13.8 million theft.
 Objectives of the Study

• To identify what caused the incident in Cosmos Bank’s Core Banking

System.
• To figure out how the attack was implemented.
• To identify what needed to eradicate this or these kind of attacks.
• To know the preventive measures towards these kind of cyber theft
problems.
 The Scope of the Study

The report is centered on the modern era cyber-attacks on digital banking

system known as Internet Banking, to provide its counter measurements
towards more secure banking. The study includes how the attack was
happened which caused the bank a wide-scale financial loss. Throughout
this report, we will concentrate on the facts related to this case and will try
to provide preventive measurements to these kind of cyber security
problems.
 Importance of the Study

This study is essential for many reasons. It elaborates some threats

that are often faced by electronic banking vendors. It also
elaborates the extent that a vendor face if they become a victim of
cybercrime. This case study may not be beneficial to all the
business-related people. Nonetheless, it explores the ways of
preventing cyber attacks and the ways of avoiding them.
 Limitations of this Case Study

• Internet based report.

• Many numerical
evidences may be
inaccurate due to the
absence of solid
resources.
• Vital information may
have been fabricated on
the source of this study.
 Cosmos Bank Cyber Theft

• Cosmos Bank Cyberattack – ATM Modality – US$11.5

Million Stolen
• Cosmos Bank Cyberattack –SWIFT Modality – US$2
Million Stolen
 FINDINGS:

The ATM/POS banking switch that was compromised in the Cosmos Bank attack
is a component that typically provides hosted ATM/POS terminal support, an
interface to core banking solution (CBS) or another core financial system, and
connectivity to regional, national or international networks. The primary purpose
of the system is to perform transaction processing and routing decisions
 Recommendations

1. The switch systems of the bank was quite outdated. Hence, they
must update their switch with sufficient encryption standards.
2. The bank must employ good cybersecurity policy and framework.
3. Need to safeguard every layer of their infrastructure.
4. Every bank must have a designated CISO who is empowered to
check all risk assessment tests across all departments.
Conclusion
As internet banking is getting an obvious way of modern banking system, every
financial organizations must put top-notch security infrastructure in their respected
fields. Otherwise, it will bring devastating consequences and will hamper the routine
life of millions.