SBI identifies 3,897 customer records in suspected dark web data exposure

The State Bank of India (SBI) has identified 3,897 customer records containing personally identifiable information (PII) in data suspected to have been exposed on the dark web, following a preliminary examination of around 3,75,000 records, the bank said on Wednesday.

SBI has launched a detailed investigation into the suspected exposure after receiving alerts from its Threat Intelligence Service Provider, the Defence Cyber Agency and the Indian Computer Emergency Response Team (CERT-In) on October 16, news agency ANI reported.

The potentially exposed information reportedly includes customers’ names, dates of birth, gender, registered mobile numbers, email addresses and residential addresses. The data also contained branch details, customer information file (CIF) numbers, lead IDs, metadata associated with loan and lead records, and other related files.

The bank said the number of records identified so far reflects its preliminary analysis, with a comprehensive investigation underway to establish the nature and extent of the suspected incident.

SBI launches cybersecurity investigation

Following the alerts, SBI said it promptly activated its cyber incident response and containment protocols. It has also appointed an independent cybersecurity agency empanelled by CERT-In to conduct a comprehensive assessment and investigate the suspected compromise.

The bank maintained that the incident had no material impact on its core business operations, financial performance or business continuity. Its core functions continue to operate normally, without disruption, it added.

The investigation is expected to establish the extent of the suspected exposure and assess the implications for affected customer information.

RBI flags growing cybersecurity risks across lenders

The suspected exposure comes amid wider concerns about cyber threats facing financial institutions. The Reserve Bank of India (RBI) has repeatedly warned lenders about cyber risks that could undermine financial stability.

Nearly one-third of the 43 banks and shadow lenders surveyed by the central bank reported a moderate or significant increase in cyber risks compared with the previous year, Bloomberg reported.

Bank of Baroda and overseas firms face similar incidents

SBI’s case follows a similar data breach reported by state-owned Bank of Baroda in July. Such incidents have also affected financial institutions in other countries, exposing them to regulatory scrutiny, reputational damage and the risk of losing customer trust, Bloomberg reported.

In a separate recent incident in Asia, a Morgan Stanley employee inadvertently shared an internal document detailing investment banking deals that the firm was pitching and tracking across the region.

The incidents underline the cybersecurity challenges confronting financial institutions as they seek to protect sensitive customer information and confidential business records.