Question: How did hackers steal $81 million? Answer: Pretty easily.

One of the peculiar things about computer security is how much the topic is written about and discussed (a huge amount) compared to how much is actually done (always less than you think). But what’s really peculiar is that enterprises, which you’d think would have better security than organizations in, say, the SMB space, often have serious security deficiencies. Case in point: The Bangladesh Central Bank.

In February this year, hackers managed to get into the Bangladesh Central Bank’s network and acquired the bank’s SWIFT credentials, codes that authorize interbank transfers. The hackers then used the credentials four times to transfer some $81 million to various accounts in the Philippines and Sri Lanka via the New York Federal Reserve but on the fifth attempt, the hackers misspelled the receiving account’s name (they spelled “Shalika Foundation” as Shalika “Fandation”)(du’oh). 

To read this article in full or to leave a comment, please click here