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By SecureWorld News Team
Fri | Oct 27, 2017 | 11:09 AM PDT

It was the largest breach ever reported by a bank in India. 

It involved 3.2 million debit cards used at ATMs.

The bank knew about it in July and then waited months to tell anyone.

How egregious is that according to Indian law? The law requires banks to issue breach notifications within 2-6 hours of discovery.

And you thought GDPR was going to be tough!

The difference, according to those watching the Indian cybersecurity market, is a lax attitude at follow-up for those companies which delay notifying potential breach victims.

The fine, issued by the Reserve Bank of India, or RBI, was the equivalent of $1,000,000 USD.

You can read the Reserve Bank of India statement on the fine or check out a nice write-up on this at BankInfoSecurity if you want to read more.

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