• Friday, Jul 01, 2022
  • Last Update : 04:24 pm

Hackers steal $81m from a bank that had no firewall

  • Published at 04:29 pm April 24th, 2016
  • Last updated at 12:39 am June 15th, 2016
Hackers steal $81m from a bank that had no firewall
Hackers have managed to steal about $81 million from the central bank of Bangladesh due to the absence of firewalls. A complete lack of firewalls made it easy for the hackers to steal the money from Bangladesh Bank, said a report published in Reuters. According to the report, the bank’s use of $10 network switches also contributed to the incident which is one of the largest amounts stolen from a bank at once in history. On February 5, hackers stole $101 million from Bangladesh Bank’s accounts in the Federal Reserve Bank of New York and transferred $81m to Philippines’ Rizal Commercial Banking Corporation, from where the money was moved to local casinos. The hackers got into the bank’s systems, grabbed credentials, and then made dozens of requests from the Federal Reserve Bank of New York to move money from Bangladesh to accounts in the Philippines and Sri Lanka. The transactions were stopped because they made a typo, spelling “foundation” as “fandation,” which caused a routing bank to question the Bangladesh Bank. However, the hackers could have easily stolen nearly $1 billion from the Bangladesh central bank if they did not make the spelling error. In an investigation, it was found that Bangladesh Bank used very cheap network switches and had no firewall in place that made it more easy for the hackers to grab login credentials. Bangladesh Bank’s system is connected to the SWIFT global bank payment network that allows for high-value bank transfers. According to Reuters, police have knowledge of the people who received the money from the central bank but they do not know the identities of the hackers. The report also stated that the bank’s cheap hardware was one of that reasons to why they were still unable to trace exactly where the hackers were accessing the network from. A bit more money spent on even a minor amount of security could have saved Bangladesh Bank over $80 million.
50
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail