bangladesh bank hacking
$101M Cyber Heist / Govt probe hints at BB officials' links
A government panel probing the $101 million Bangladesh Bank heist blamed the theft on SWIFT again and hinted for the first time at the involvement of central bank officials in its final report submitted yesterday.
N Korean, Pakistani hackers involved
Forensic investigators examining the theft of $81 million from Bangladesh Bank's account with the New York Fed have
Bangladesh Bank Fund Heist / Interpol team in Dhaka to help CID
The six visiting Interpol officials teaming up with the Criminal Investigation Department yesterday started forensic analysis of
Bangladesh Bank fund: Fed could but failed to stop cyber heist
It seems, had the Federal Reserve Bank of New York been cautious about financial transactions, the hacked funds of Bangladesh Bank could easily be stopped from being transferred to banks in the Philippines and Sri Lanka, and from there to the pockets of the hackers.
Reducing cyber risk of banks
Guidelines on Internal Control & Compliance for Banks were issued by the central bank on March 8, 2016, which recommended the commercial banks to take insurance as a risk mitigation measure. Such insurances are not over-the-counter products, and must be customised as per each bank's unique exposures.
RTGS Connection / BB's Achilles' heel
Cyber thieves might have found it easier to break into the Bangladesh Bank system after its local area network (LAN) was connected with its SWIFT operation, according to central bankers and investigators.
Not so SWIFT
Two engineers of SWIFT have come to Bangladesh to review its servers with the central bank -- 38 days after a band of hackers breached the payment system in an attempt to steal about $1 billion.
Confusion, panic order of the day
Confusion and panic was the order of the day at the Bangladesh Bank yesterday, a day after its governor Atiur Rahman stepped down and two deputy governors were removed hastily amid strong criticism over the central bank's handling of the $101 million cyber theft.
Fazle Kabir appointed BB governor
The government appoints former finance secretary and chairman of state-run Sonali Bank Ltd Fazle Kabir as the new governor of Bangladesh Bank for the next four years.
Need for better systems and protocols
The news that foreign hackers attempted to off $101 million from Bangladesh Bank's account with the Federal Reserve Bank of New York need not be viewed as a catastrophic failure...
Dangerously exposed
The recent hacking of the Bangladesh Bank system to steal at least $100 million reveals the vulnerability of the central bank's IT infrastructure, weak operational architecture and probable insider link. The heist also puts to question what kind of network architecture and firewall it has in place. Everybody is talking about malware injection into the BB system but nobody is asking how the malware could enter the supposed-to-be most robust and secure system of a central bank in the first place.
