RBI adds to cyber security muscle, post Bangladesh bank heist

Tuesday, Apr 5, 2016,15:43 IST By Metrovaartha A A A

Mumbai | Reserve Bank Governor Raghuram Rajan today said the country has taken enough preventive measures following a recent USD 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 USD 951 million from the bank’s account. According to some reports, at least USD 101 million of the amount was in fact transferred, in what is billed as one of the biggest heists in the recent history. There are various ways of getting through cyber defences, including through people rather than processes and networks, Rajan said.