The Bangladesh Bank heist, also known as the $81 million cyber theft, took place in February 2016 when hackers infiltrated the Bangladesh central banks computer systems. They attempted to steal almost $1 billion from the bank, but only managed to siphon off around $81 million. The heist was a sophisticated operation that involved sending fake SWIFT messages to the Federal Reserve Bank of New York to transfer funds to accounts in the Philippines.
It is believed that the hackers gained access to the Bangladesh central banks systems by malware that allowed them to remotely access the banks computer network. They also targeted the credentials of bank officials and used sophisticated phishing techniques to trick employees into revealing sensitive information.
Many investigators believe that the Bangladesh Bank heist was an inside job because of the level of access the hackers had to the banks systems. Some suspect that employees or officials within the bank may have been involved in orchestrating the cyber theft, although no concrete evidence has been found to support this theory.
The Bangladesh Bank heist had severe consequences not only for the bank itself but also for the countrys financial system. The stolen funds were never fully recovered, and the incident raised concerns about the security of international banking transactions. It also damaged the reputation of the Bangladesh central bank and raised questions about the effectiveness of its cybersecurity measures.
Following the cyber theft, Bangladesh launched an investigation into the incident and worked to improve its cybersecurity protocols. The government also called on international bodies like SWIFT to strengthen their security measures to prevent similar attacks in the future. The financial sector in Bangladesh has since taken steps to enhance its cybersecurity defenses to prevent a repeat of the Bangladesh Bank heist.
The Bangladesh Bank heist served as a wake-up call for financial institutions around the world to review and bolster their cybersecurity measures. It highlighted the need for stronger authentication protocols, employee training on cybersecurity best practices, and enhanced monitoring of financial transactions to detect and prevent fraudulent activities. The incident underscored the importance of continuous vigilance in the face of evolving cyber threats.
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Probe into Bangladesh Bank heist suggest inside job