Did ICICI Bank data leak expose sensitive data of 35 lakh clients?
ICICI Bank, one of India’s biggest private banks, has had a huge data leak, raising concerns about the safety and security of its clients’ personal information. According to estimates, the bank may have exposed the personal information of over 35 lakh consumers.
The data breach was originally disclosed on April 4, 2021, by a cybersecurity expert named Rajshekhar Rajaharia, who tweeted that ICICI Bank customers’ personal information was being sold on the dark web. He said that the hacked data included ICICI Bank clients’ names, addresses, phone numbers, PAN card numbers, and even bank account information.
In response, ICICI Bank issued a statement stating that there had been no data breaches and that its systems were secure. The bank did, however, admit that there had been a “data leak” affecting some of its customers’ information. The event, according to ICICI Bank, was triggered by a third-party service provider that it had hired for marketing activities. The service provider allegedly exposed the information of around 1.5 crore customers of numerous institutions, including ICICI Bank.
ICICI Bank further stated that the hacked data did not include any critical financial information such as credit card numbers, debit card PINs, or passwords. The bank informed its customers that their bank accounts were secure and that all essential precautions had been taken to safeguard their personal information.
Despite ICICI Bank’s promises, the data leak has sparked widespread worry among the bank’s customers and the broader public. Many people are concerned about the misuse of their personal information, such as identity theft, financial fraud, and phishing attempts.
The issue has also sparked concerns about ICICI Bank’s and other Indian banks’ security and privacy practises. Several high-profile data breaches have occurred in the country in recent years, underscoring the need for stricter data protection legislation and regulations.
The Reserve Bank of India (RBI), the country’s central bank, has taken note of the ICICI Bank data leak and has directed the bank to conduct an extensive inquiry. In addition, the RBI has asked all banks to assess their data protection policies and ensure that their third-party service providers follow regulatory rules.
The ICICI Bank data leak has underscored the need of data privacy and security in today’s digital world. As more transactions migrate online, it is critical for banks and other organisations to ensure the safety and security of their clients’ personal information. The event should serve as a wake-up call to other Indian banks to evaluate their security and privacy practises and take the required precautions to protect their clients’ data.
Author: Priyanka Priyadarshini Behera