AU Small Finance Bank is currently probing a suspected data breach tied to a third-party Salesforce platform holding auto loan customer files. The lender holds a ₹100 crore cyber policy with New India Assurance, though it has not formally notified the insurer while investigations continue. This incident follows related cyber intrusions at the State Bank of India and Bank of Baroda. Consequently, the rising frequency of these technologically advanced attacks is expected to exert upward pressure on currently subdued insurance premiums.
Key points
Attackers are increasingly deploying artificial intelligence tools to successfully circum…: Attackers are increasingly deploying artificial intelligence tools to successfully circumvent advanced digital defenses at targeted institutions.
Total claim values will ultimately depend on the sensitivity of exposed information and t…: Total claim values will ultimately depend on the sensitivity of exposed information and the findings of ongoing forensic audits.
The heightened frequency of severe cyber events threatens to push insurance premium rates…: The heightened frequency of severe cyber events threatens to push insurance premium rates higher across the corporate market.
Sources checked by our analysis pipeline: 1
AU Small Finance Bank said it's investigating a potential data breach involving a third-party software-as-a-service platform hosted by Salesforce that holds information related to auto loan customers. The bank has a ₹100 crore cyber insurance cover from New India Assurance, which could help cushion the financial impact. However, the lender has not yet intimated the insurer, according to people familiar with the matter. The extent of the potential data exposure and the number of customers affected are yet to be established.
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This follows cyberattacks involving Bank of Baroda and State Bank of India, pointing to growing risks across the banking sector.
Insurers said they had witnessed a spate of attacks on financial institutions and manufacturing companies in recent months. Forensic investigations into several hacks are still underway, making it too early to determine the extent of the breaches and the potential claims.
"The spate of attacks we are witnessing is worrying because hackers are increasingly using artificial intelligence to breach even sophisticated security systems," an…
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