What India’s Banking Industry Breach Can Teach Us About the Importance of Collaboration
Towards the end of October 2016, several Indian banks announced they would be recalling millions of debit cards in the wake of a data breach that affected the backend of software that powered an ATM network there.
It was a situation that could have been better mitigated; a government-sponsored organization tasked with sharing information about data breaches completely missed the warning signs that a breach was taking place. As a result, no one connected the dots until millions of fraud cases had been detected.
2016 was a big year for the nascent technology, but it’s raised some issues.