Hackers stole $80 million from Bangladesh central bank in February this year using a massive security loophole, according to the latest reports.
When you hear the word 'heist' you would think of some Hollywood script -- burglars with masks, cool gadgets, fast cars, NVGs and all. But with time, even they have changed their tactics. And if you leave the door open, you're just making their job easy. That's what Bangladesh's central bank did.
The bank was frugal on network security hardware spending and used second-hand routers that cost $10 to connect to global financial networks, Reuters reported, citing investigators.
Experts also said the network was not protected with a firewall.
This particular case is a big surprise to everyone. The Bangladeshi bank which got hacked and looted had poor network management. This incident occurred in early Februray this year. The ignorance of the security cost it few millions.
The lack of security measures let hackers get into the bank's system connected to the SWIFT payment system. Hackers used the bank's credentials to initiate the payments. They attempted to transfer $950 millions, but the transactions worth $81 only could go through. Reason? A simple typo blocked the rest of it. This money was then diverted to accounts in the Philippines and then to the casinos.
While this bank was literally vulnerable to the attacks, hackers have proven from time to time that security breaches could occur on the most secure systems too. But then it's always better to be safe than sorry.
