In one of the biggest card replacements in Indian banking, State Bank of India has said that it will re-issue around six lakh debit cards to customers, which have been blocked following a malware-related security breach in a non-SBI ATM network.
For a long time, security has been ignored. It's consequences are now being felt. Though not much is known about malware and which bank's ATM have been infected, it is clear that this breach would have affected other banks too. Hardship faced by people whose debit cards were blocked and not being able to withdraw cash from ATM's could further alleviate common man from using technology and question security of all initiative taken to move towards a cashless society.
It is time that organisations conduct their due diligence when they inter-connect with other company networks and also ensure that their customers are well protected. Banking industry has to move fast to protect against such malware as we will see more such attacks in future.