SBM Bank (Mauritius) Ltd.'s Indian unit said it was able to recover about 90% of the funds stolen from the bank in a cyberattack in early October, the Indo-Asian News Service reported Oct. 12, citing a bank spokesperson.

The bank said the loss is now limited to about 190 million rupees and would further decline after the bank claims the insurance. It earlier reported a potential loss of up to US$14 million.

The spokesperson said the bank lost the amount through fraudulent SWIFT payments. Hackers managed to access various accounts within the bank and transferred funds to multiple accounts outside the country. The bank said customers will not face any losses.

SBM Bank (Mauritius) is a unit of SBM Holdings Ltd.