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April 22, 2016

Bank’s dodgy cost-cutting led to $80 million hack

by John_A

Earlier this month, hackers attempting to steal $850 million from Bangladesh Bank managed to only get away with $80 million. After an investigation into the breach, authorities determined that the culprits gained access thanks to $10 second-hand switches used to network the bank’s computers and the lack of a proper firewall. Transfers of the stolen funds were halted as the result of a spelling error, otherwise the heist could’ve been much worse.

What’s more, the lack of proper equipment and security is making it difficult for investigators to find out how the hacker’s gained access or where the attack originated. Banking and security experts called the findings “disturbing,” noting a financial institution that handled billions of dollars didn’t have the most basic security measures in place. Police in Bangladesh say they’ve identified 20 people in other countries involved in the ordeal, but those folks seem to be recipients of the funds rather than the thieves responsible for the breach.

Via: Gizmodo

Source: Reuters

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