By Ashwani Mishra, Editor-Technology, 63SATS
Cybersecurity failures and breaches continue to make headlines. SEBI has fined ICCL ₹5.05 crore for non-compliance with cybersecurity norms, highlighting regulatory gaps in financial institutions. Meanwhile, Bybit has launched a bounty program to recover $1.5 billion in stolen crypto, allegedly taken by North Korea’s Lazarus Group. In the U.S., a cyber incident has forced Cleveland Municipal Court to remain shut for the third day. On the maritime front, Defence Minister Rajnath Singh has warned of emerging cyber threats, urging the Indian Coast Guard to modernize security. These incidents underscore the growing need for robust cybersecurity measures across sectors.
SEBI Fines ICCL ₹5.05 Crore for Cybersecurity Lapses
The Securities and Exchange Board of India (SEBI) has imposed a ₹5.05 crore penalty on the Indian Clearing Corporation (ICCL), a BSE subsidiary, for failing to meet cybersecurity and audit standards. An inspection conducted between December 2022 and July 2023 revealed multiple violations.
A key issue was ICCL’s submission of its network audit report to SEBI without management or board comments. SEBI issued a show-cause notice in October 2024, highlighting compliance failures. This action underscores the need for financial institutions to strengthen cybersecurity measures and regulatory compliance to ensure secure and transparent market operations.
Bybit Launches Bounty Program to Recover $1.5 Billion in Stolen Crypto
Following a record-breaking $1.5 billion Ethereum heist, allegedly carried out by North Korea’s Lazarus Group, cryptocurrency exchange Bybit has introduced a bounty program to retrieve stolen assets. CEO Ben Zhou announced that the Lazarusbounty.com initiative has already paid over $4 million in rewards.
Bybit is offering a 5% reward to anyone who helps recover stolen funds, with a total of $140 million up for grabs. Zhou also unveiled plans for a broader industry-wide HackBounty platform to combat crypto-related cybercrime. Despite the breach, Bybit insists it remains liquid, assuring customers that their accounts are secure.
Cyber Incident Forces Cleveland Municipal Court Shutdown for Third Day
Cleveland Municipal Court remains closed for the third consecutive day following a cybersecurity breach. The court has provided limited details, only confirming that internal systems and software platforms have been taken offline as a precautionary measure.
Authorities are currently investigating the nature and scope of the incident, with no timeline for service restoration. The disruption highlights the growing vulnerability of public institutions to cyber threats and reinforces the need for stronger defense mechanisms to protect critical judicial and administrative functions from digital attacks.
Rajnath Singh Warns of Cyber Threats to Maritime Security, Boosts Coast Guard Modernization
Defence Minister Rajnath Singh has urged the Indian Coast Guard to stay vigilant against emerging cyber threats, including data breaches and radar disruptions, alongside conventional maritime challenges. Speaking on Tuesday, he highlighted India’s vast coastline and the need for advanced security measures.
Singh lauded the Digital Coast Guard Project, aimed at strengthening both physical and cyber defenses. The government has increased the Coast Guard’s budget by 26% to ₹9,677 crore, approving new patrol vessels, interceptor boats, and air cushion vehicles to modernize the force and combat threats like piracy, smuggling, and infiltration.
