Fine, cyber criminals with high level of sophistication penetrated the site of Bank of India and planted malwares and other destructive illegal programs to harm the bank, its goodwill, and its customers. Right now, the site has been effectively cordoned off and is inoperative. This is really bad for the goodwill of this 100-year old banking company. It may be noted that the bank has more than 2,600 branches and more than 42,000 employees.
I would like to quote from a book named "The Bank of India Story" by Raghu Palat. The book was released by APJ Abdul Kalam, the 12th President of India, during bank's centenary celebrations in September, 2007. The book states: "The story of the Bank of India is the story of Indian joint stock company from its early days to its present state. At the very outset the Bank's founders laid down the guiding policy which was to be 'one of prudence and caution'. The aim they enumerated was to do 'safe business which would give a safe return and to establish the reputation and credit of the Bank on a firm and sound basis.' The Bank has followed these to this day."
For last three or four days there is complete stoppage of BoI's online services, and it must have certainly affected its reputation - but it has probably been necessitated by certain circumstances beyond the normal control of the bank. All the firms have to operate now-a-days in the digital environment, and this incidence should be an eye-opener for other institutions, particularly the financial ones, to streamline and revamp their IT operations.
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