Bangladesh Bank purged after cyber heist

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Atiur Rahman, Bangladesh’s central bank governor who resigned in disgrace on Tuesday, reputedly never took a holiday and once dreamed of completely digitizing his country’s banking system. Rahman stepped down after failing to reveal that $81 million had been electronically siphoned to a bank in the Philippines in early February from Bangladesh Bank funds deposited at the Federal Reserve Bank of New York.

Malware may have been used, according to Sanchit Gogia, chief executive at Greyhound Research, an information technology and telecom consultancy. He said the breach could have occurred at device or network level.

 “It’s a classic cyber security threat case,” said Gogia, noting that the bank in New York, the communication networks involved, and devices at Bangladesh Bank must all be reviewed. “Security could have been breached at any of these levels,” he said.

Source: Nikkei Asian Review

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