Cyber Bank Robbery at Bangladesh Central Bank

Dhaka-based Bangladesh Bank, the central bank of Bangladesh, has around US$ 25 billion in foreign reserves since June 2015. The central bank was raided by hackers in February, stealing money from the central bank’s account held at the Federal Reserve Bank of New York. It was reported by numerous media that around US$ 101 million was initially stolen. Atiur Rahman, the governor of the bank, did not notify the Bangladesh government at the time. In mid-March, Rahman submitted his resignation to the country’s prime minister, after news of the theft leaked out. Taking his place as the new central bank governor is Fazley Kabir, who is the chairman of state-owned Sonali Bank and a former finance secretary.

The hacker group employed a number of tactics to enable the theft.

Engineering a Steal

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]