The Bangladesh Cyberheist

How compliance programs can help protect against cybercrime

MICHAEL L. YAEGER, MELISSA G.R. GOLDSTEIN AND KIMBERLY G. MONTY, SCHULTE ROTH & ZABEL LLP

This past February, hackers robbed more than $100 million from Bangladesh’s central bank using stolen credentials to authenticate their fraudulent wire transfers. Predictably (and appropriately), much of the public discussion following the attack has focused on technological improvements such as software updates. Yet a robust cybersecurity program is not just about technological controls: it should also include administrative procedures. As the saying goes, security is not a product, but...

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