A compromise in security at two Indian based card-processing companies, ElectraCard Services and EnStage, has resulted in multi-million dollar financial thefts across continents.

A total of £29.5 million was stolen across multiple locations by a group of individuals who succeeded in raising withdrawal limits on cards based on information from the two Indian based card-processing companies.

The security breach has called into question the levels of security within large banking firms and the risks of offshoring sensitive processes and data to high-risk locations.

The risk of cyber security and banking processes in locations such as India is a major concern for financial institutions, with over three-quarters if global banks having a presence in the country.

Despite the risks of offshoring, cyber security and financial security breaches are still common in the U.S. and other western countries, despite a perceived higher standard of security.

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