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State Bank of Mauritius Loses Over $19 Million in Cyber-Heist

The State Bank of Mauritius branch located in Mumbai, India suffered a significant cyber-attack on October 2nd.  At the time of the attack, State Bank of Mauritius believed that the loss could have been as much as $14 million but further investigation showed it was actually much worse.  Following an investigation into the breach, it was discovered that a total of 143 crore Rupees, or $19.4 million USD, from across multiple accounts were stolen.  According to investigators the attack originated outside of India, though they have not yet narrowed down an exact location at this time.  The theft occurred across a number of customer accounts after hackers managed to gain access to several of the bank’s servers. The hackers then moved the funds to a number of other external accounts before moving the funds again.  The final destination of the funds has yet to be ascertained.  This is similar to thefts that have been carried out by North Korean hackers during attacks on other banks around the world as well as various cryptocurrency exchanges throughout the world.  It is possible that this is yet another attack in continued operations by North Korean hackers attempting to prop up North Korea’s suffering economy.