Cyberattack at Cosmos Bank : regaining customer trust / Kalyani Deshpande, Leena B. Dam, Neeraj Pandey.

Format:

Book

Author/Creator:

Deshpande, Kalyani, author.

Dam, Leena B., author.

Pandey, Neeraj, author.

Series:

SAGE business cases.

SAGE business cases

Language:

English

Subjects (All):

Banks and banking--Public relations--India--Case studies.

Banks and banking.

Computer crimes--India--Case studies.

Computer crimes.

Banks and banking--Security measures--India--Case studies.

Physical Description:

1 online resource : illustrations.

Place of Publication:

London : SAGE Publications: SAGE Business Cases Originals, 2022.

Summary:

Cosmos Bank, the oldest and largest cooperative bank in India, became the victim of a cyberattack through its ATM and SWIFT payment systems in 2018. The resulting financial loss was huge. The cyberattack disrupted the digital banking services of Cosmos Bank, resulting in damage to its reputation and a significant decline in trust among its customers. The entire banking industry, especially the cooperative sector, was shaken as a result of this incident. Customers also started losing faith in digital banking channels and began to question the reliability of technology. The chairman of the bank, Milind Kale, took strong decisive action and implemented strategies to rebuild customer trust and to enhance digital transactions. However, customers still had various apprehensions related to digital banking security at Cosmos Bank. Milind needed to implement plans with the goal of building customer trust, to both retain old customers and attract new ones. Would the existing customers be convinced to write off this cyberattack as a one-off incident? Time was short and he had to respond swiftly to these pressing dilemmas. Students will be asked to identify specific actions that would enable Milind to achieve this goal.

Notes:

Includes bibliographical references and index.

Description based on XML content.

ISBN:

1-5297-9465-X

9781529794656

OCLC:

1290779591