Bangladesh Bank SWIFT Hack – Feb 2016: Hackers used SWIFT credentials of Bangladesh Central Bank employees to send more than three dozen fraudulent money transfer requests.
- Requests sent to the Federal Reserve Bank of New York asking the bank to transfer millions of the Bangladesh Bank’s funds to bank accounts in the Philippines, Sri Lanka and other parts of Asia.
- USD 81 million stolen
- Total impact could have been USD 1 billion
Recent Cyber Attack – May 2017
REF: TELEGRAPH
REF: GUARDIAN
The Importance Of Information
- IT is pervasive in our society & critical to the Ops & Mngmt of all organizations
- IT is an enabler for business and govt
- Personal information is vital for individuals to function in society
- Information holds value
IMPORTANCE OF INFORMATION SECURITY
- As per PWC Global Economic Crime Report 2016, Cyber Crime was amongst the top 3 most commonly reported types of economic crime
- As per Europol 2013 report, Cyber Crime is now more profitable than the drug trade
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