This is what happens with you when you do not update yourself with the ever evolving technology. This central bank had to pay a huge penalty for their tech ignorant behavior. Take a look.
#3 A Poor Approach To Security
How many banks in this world do you know are ignorant with its security? Well a Central bank in Bangladesh is indeed one such example. The bank was already vulnerable to hackers because it did not have a firewall and used second-hand, $10 switches to network computers connected to the SWIFT global payment network. The condition of the online security system of the bank made it very easy for the hackers to do whatever they intended to.
They attempted to siphon off nearly $1 billion using the bank’s SWIFT credentials, said Mohammad Shah Alam, head of the Forensic Training Institute of the Bangladesh police’s criminal investigation department. Ultimately, they successfully stole $80 Million from the bank. This actually happened.
#2 The Lack Of Sophisticated Switches
Because of the lack of sophisticated switches, it is difficult for investigators to figure out what the hackers did and where they might have been based. The institute Alam heads includes a cyber crime division. It is very difficult for them to trace the hackers now.
The officials believe that both, The Bank and SWIFT should take the responsibility of the mishap that took place in Bangladeshi bank.
Keep reading ahead to know what the spokesperson of SWIFT had to say on this.