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CONTENT: Cybersecurity is the practice of protecting systems, networks, and programs from digital attacks. These cyberattacks are usually aimed at accessing, changing, or destroying sensitive information; extorting money from users; or interrupting normal business processes.

Implementing effective cybersecurity measures is particularly challenging today because there are more devices than people, and attackers are becoming more innovative.
In today’s connected world, everyone benefits from advanced cyberdefense programs. At an individual level, a cybersecurity attack can result in everything from identity theft, to extortion attempts, to the loss of important data like family photos. Everyone relies on critical infrastructure like power plants, hospitals, and financial service companies. Securing these and other organizations is essential to keeping our society functioning.

he Bangladesh Bank robbery, also known colloquially as the Bangladesh Bank cyber heist, took place in February 2016, when thirty-five fraudulent instructions were issued by security hackers via the SWIFT network to illegally transfer close to US $1 billion from the Federal Reserve Bank of New York account belonging to Bangladesh Bank. The central bank of Bangladesh is commonly called "Bangladesh Bank" locally. Five of the thirty-five fraudulent instructions were successful in transferring $101 million, with $20 million traced to Sri Lanka and $81 million to the Philippines. The Federal Reserve Bank of New York blocked the remaining thirty transactions, amounting to $850 million, due to suspicions raised by a misspelled instruction. All the money transferred to Sri Lanka has since been recovered. However, as of 2018 only around $18 million of the $81 million transferred to the Philippines has been recovered. Most of the money transferred to the Philippines went to four personal accounts, held by single individuals, and not to companies or corporations. It was later suspected that Dridex malware was used for the attack.

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#cyberheist #cyberattack #federalbank

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