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On February 4 and 5, an international group of cybercriminals used system credentials stolen from the Central Bank of Bangladesh to siphon $81 million out of the New York Federal Reserve Bank. It was the biggest digital bank robbery yet.
The criminals made four wire transfers over the international network used for inter-bank transactions without attracting the attention of security professionals or triggering any network security solutions. Fortunately, the fifth transfer — which would have boosted the theft over the $1 billion mark — was detected when an eagle-eyed Deutsche Bank employee spotted a suspicious misspelling on the wire request while processing it.
While there's plenty of blame to spread around in this situation, we think the most important takeaway is the importance of placing multiple layers of security around money and the data that controls access to it. That's doubly true if your company is responsible for other people's finances. If you haven't already put in place security protocols like multifactor authentication, call Xantrion for help.