The recent issue with debit cards has been termed as India’s largest data breach. Card data of 3.2 million customers was stolen between 25 May and 10 July, customers of banks including State Bank of India (SBI), ICICI Bank Ltd, HDFC Bank Ltd and Yes Bank were affected. SBI has decided to reissue 625,000 cards. ICICI Bank and HDFC Bank asked some customers to change their passwords. Of the 3.2 million cards, over 2.6 million belonged to Mastercard and Visa networks, and the remaining were from the RuPay network.
By any standards, this is a massive breach. The most important question is what can we do to prevent this happening again? See the attached report for a detailed study.