New Delhi, Nov. 2 -- Recent incidents involving Binance and the State Bank of India show that no financial institution is immune to cyber threats. As banking and crypto platforms lean on sophisticated technologies, hackers are not far behind. They are targeting customer data, exposing vulnerabilities that can fuel fraud, identity theft and financial crime. Mint explains.

In the biggest crypto hack in history, cyber criminals siphoned $6.3 billion from Binance platforms in just 20 minutes on 29 October. The hackers manipulated internal systems linked to transactions, approvals and withdrawals at the world's largest crypto exchange.

On 1 November, the US Federal Bureau of Investigation traced the theft to TraderTraitor, a North Korea hack...