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How Hackers Stole $81 Million from a Central Bank

Posted: April 26, 2016 to News.

Tags: Data Breach, Cloud Security, Compliance

Hackers were able to get into the systems of the Bangladesh central bank and steal $81 million dollars thanks to one of the most ridiculous security lapses ever seen: cheap routers. After being alerted to a data breach in February, law enforcement realized that not only were the bank’s computers connected to the SWIFT global banking network with no firewall whatsoever, they were doing so with second hand routers that cost about $10 each. Once inside the bank’s network, the hackers had requested $1 billion in fraudulent transfers from its account at the New York Federal Reserve to accounts they controlled in the Philippines. No one was aware of what the thieves were up to until a spelling mistake on one of the transfers raised a red flag, halting any more transfers. As of now, the money is still unrecovered and the criminals are still unknown, thanks to a financial institution with access to billions of dollars using cheap routers.

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About the Author

Craig Petronella, CEO and Founder of Petronella Technology Group
CEO, Founder & AI Architect, Petronella Technology Group

Craig Petronella founded Petronella Technology Group in 2002 and has spent more than 30 years working at the intersection of cybersecurity, AI, compliance, and digital forensics. He holds the CMMC Registered Practitioner credential (RP-1372) issued by the Cyber AB, is an NC Licensed Digital Forensics Examiner (License #604180-DFE), and completed MIT Professional Education programs in AI, Blockchain, and Cybersecurity. Craig also holds CompTIA Security+, CCNA, and Hyperledger certifications.

He is an Amazon #1 Best-Selling Author of 15+ books on cybersecurity and compliance, host of the Encrypted Ambition podcast (95+ episodes on Apple Podcasts, Spotify, and Amazon), and a cybersecurity keynote speaker with 200+ engagements at conferences, law firms, and corporate boardrooms. Craig serves as Contributing Editor for Cybersecurity at NC Triangle Attorney at Law Magazine and is a guest lecturer at NCCU School of Law. He has served as a digital forensics expert witness in federal and state court cases involving cybercrime, cryptocurrency fraud, SIM-swap attacks, and data breaches.

Under his leadership, Petronella Technology Group has served 2,500+ clients, maintained a zero-breach record among compliant clients, earned a BBB A+ rating every year since 2003, and been featured as a cybersecurity authority on CBS, ABC, NBC, FOX, and WRAL. The company leverages SOC 2 Type II certified platforms and specializes in AI implementation, managed cybersecurity, CMMC/HIPAA/SOC 2 compliance, and digital forensics for businesses across the United States.

CMMC-RP NC Licensed DFE MIT Certified CompTIA Security+ Expert Witness 15+ Books
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