Before Bangladesh heist, New York Fed feared such cyber attacks

New York

IN THE years before hackers stole US$81 million from a Bangladesh central bank account at the Federal Reserve Bank of New York, senior Fed security officials examined the risk of such an attack - but judged the prospect unlikely, bank sources told Reuters.

The Fed managers worried that lax security procedures and outdated technology at some foreign central banks could allow cyber criminals to commandeer local computers and breach foreign accounts at the US central bank, according to interviews with seven current and former New York Fed officials and a former US government official familiar with the discussions.