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RBI Boosts Cyber Security Muscle Post Bangladesh Bank Heist

RBI Boosts Cyber-Security Muscle Post Bangladesh Bank Heist

By Press Trust of India | Updated: 5 April 2016 16:14 IST

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Reserve Bank Governor Raghuram Rajan Tuesday said the country has taken enough preventive measures following a recent $951-million cyber heist scandal involving the Bangladesh central bank.

"What happened in Bangladesh is certainly a source of concern for all of us, and we have taken some measures and are continuing to understand better what actually happened so that we can further our measures," Rajan told reporters.

He, however, did not elaborate.

Terming cyber-security as an important risk people know little about, Rajan said RBI has identified one person to head the central bank's cyber-security subsidiary, and soon it will start hiring people to beef up the wing.

Bangladeshi Bank Governor Atiur Rehman resigned following the scandal where attempts were made to siphon off $951 million from the bank's account.

According to some reports, at least $101 million of the amount was in fact transferred, in what is billed as one of the biggest heists in the recent history.

(Also see: How a Hacker's Typo Helped Stop a Billion Dollar Bank Heist)

"There are various ways of getting through cyber defences, including through people rather than processes and networks," Rajan said.

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Further reading: Bangladesh, Cyber Security, India, Internet, RBI, Reserve Bank of India