Malware Injection attack is a threat to National Security

A cyber attack on some of CDSL’s internal machines impacted the depository’s trade and settlement activities on Friday (November 18). A malware attack affected back-end operations and trade-related activities at Central Depository Services (India).

The company statement read, “After thorough checks and validations, CDSL systems are now live. It is possible to carry out depository activities using the systems.”

Furthermore, they said, “Coordination with other Market Infrastructure Institutions (MIIs) has brought the pending settlement activities related to Business Day on Friday, November 18, 2022, to a successful conclusion”.

What is a CDSL attack?

CDSL (Central Depository Services Limited), which holds the dematerialized shares, mutual funds, and other securities of corporate and retail investors, should be treated as a threat to national security.

It’s a malware injection attack that infects some machines of CDSL. When CDSL security researchers identified the attack, they isolated that machine and disconnected itself from other market constituents.

“A malware attack is a cyberattack where malicious software executes unauthorized actions on the victim’s system. Malicious software encompasses many specific attacks, such as ransomware, spyware, command control, etc.”

What Happened??

CDSL’s settlement services were affected on Friday by cyber attacks on its internal computers. Because of the system failures at the CDSL, services such as pay-in, pay-out, pledge, or unpledged securities for margin were down.

Furthermore, the depository notified the Securities and Exchange Board of India and the Indian Computer Emergency Response, Team. CERT-In’s latest guidance on breach reporting, a six-hour reporting rule, now governs cyber incidents. SEBI has asked Indian stock brokers to report cybersecurity incidents within six hours of being discovered.

However, brokers continued to face issues as trading resumed. Various stock brokers comment that services like pay-in, pay-out, and pledged or unpledged securities for edge were down as system failure is at CDSL.

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