In August 2024, a major cyber attack hit India’s banking industry striking about 300 small banks across the country. Hackers broke into C-Edge Technologies, a company that provides banking tech systems causing a short-term shutdown of payment networks, including Unified Payments Interface (UPI) and ATM services. This event showed the weak spots in the financial system and made it clear that banks need to beef up their online security to guard against these kinds of threats.