Ransomware Attack on Comtel Disrupts Operations of 16 Indian Brokerage Firms

A ransomware attack on December 9, 2024, targeted Comtel, a data center hosting servers for several Indian brokerage firms. The breach affected around 16 brokers, including prominent firms like IIFL Securities, 5 Paisa, and Axis Securities. The compromised data center manages critical infrastructure, such as servers and networking equipment, for these brokers. As a result, two major stock exchanges temporarily suspended the affected brokers’ operations, in line with Securities and Exchange Board of India (SEBI) regulations. To resume trading, brokers must obtain certification from certified auditors confirming their systems are free from ransomware and operating smoothly. The attack raised concerns about potential exposure of client details and order flows, as the compromised data center handles sensitive information between brokers and exchanges.