Lesson from the biggest electronic bank heist ever

Governor quits: Bangladesh Bank governor Atiur Rahman who resigned last Tuesday (centre), addresses a press conference in Dhaka, Bangladesh. The head of Bangladesh’s central bank quit after hackers managed to divert US101mil from the country’s account with the Federal Reserve Bank in New York. – AP

IF you can’t beat them, join them! This is the adage often used to win over die-hards of the brick-and-mortar business in order to embrace changes brought about by information technology (IT) since IT is here to stay.

However, when it comes to banking transactions, the changes IT has brought are not a boon, especially in the area of electronic fund transfers. The recent revelation of the central bank of Bangladesh having lost some US$81mil to cyber thieves is another reason why IT can be a bane when it comes to finance.