February 8, 2023

CDSL services down due to cyber attacks

CDSL services down due to cyber attacks

Settlement services at Central Depository Services (India), the country’s largest depository by way of active demat accounts, were affected on Friday due to cyber attacks.

Brokers said services such as pay-in, pay-out, pledge, or unpledged securities for margin were down due to system failure at the CDSL. However, trading was not affected, they added.

CDSL, in a press release, said it has detected malware in a few of its internal machines. “As a matter of abundant caution, the company immediately isolated the machines and disconnected itself from other constituents of the capital market,” CDSL said.

A malware attack is a cyberattack where malicious software executes unauthorized actions on the victim’s system. Malicious software encompasses many specific attacks, such as ransomware, spyware, command and control, and more.

Image Source – Central Depository Services

The depository stated that the team has reported the incident to the relevant authorities and is working with its cyber security advisors to analyse the impact.

It added that settlement activities would be completed subsequent to the resolution of the incident.

However, CDSL clarified there is no reason to believe that confidential information or investor data has been compromised.

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