Cyber-security is big business and you can lose a lot if you’re not careful, says just about everybody. Except the Central Bank of Bangladesh, which, according to Computing, had next to no security installed before it was robbed in February.
We say “next to no” security; what it actually had was second-hand switches bought for $10 on eBay, and these were connected directly to the SWIFT financial network. There was no firewall at all.
The losses amounted to around $80m.
The Computing report makes the point that a number of banks in developing countries may have similar arrangements, in other words “none”. It’s very easy to take the Western approach in which we complain we could have seen this coming; the thing is, it’s happened, and it’s essential other institutions in less developed territories gain access to some sort of education to prevent a repeat performance.