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Cyber fraud: Indian unit of Mauritius bank SBM loses $14 mn

Cyber fraud: Indian unit of Mauritius bank SBM loses $14 mn

Mauritius banking group SBM Holdings said on Wednesday that its Indian operations suffered a cyber fraud earlier in the week, and that the bank has potentially lost up to $14 million.

SBM said that no loss had been caused to customers and that the Indian business operations would continue as normal.

"The SBM Group remains well capitalised and has sufficient liquidity to continue to finance its future plans," the company said.

SBM said that an internal inquiry had been initiated, with the Indian operations carrying out a full cybersecurity review. Recovery efforts are being pursued and SBM expects to recover a significant portion of the stolen sum.

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