CASE # 1 KENA MONTES DELA PENA

BSA 2
SUBMITTED TO: MR. REMAR ALLEN BAUTISTA
 CASE # 1 : FOCUS ON CYBERSECURITY RISK

• The Bangladesh Bank heist is a gripping tale of a cyber attack that rocked the financial world in February 2016. It all
started when hackers infiltrated the systems of Bangladesh Bank, the central bank of Bangladesh, with the intention
to steal a staggering $951 million from its account at the Federal Reserve Bank of New York.

• The hackers used sophisticated methods, including malware, social engineering, and insider manipulation, to gain
unauthorized access to the Bangladesh Bank's systems. They exploited various vulnerabilities, such as weak access
controls and lack of multi-factor authentication, to navigate through the bank's network and gain access to the
SWIFT payment system, which is used for international money transfers.

• The attackers then attempted to transfer the stolen funds to fraudulent accounts in the Philippines and Sri Lanka.
However, some of the transfers were flagged as suspicious and blocked, while others were successful, resulting in
the theft of $81 million.
• The incident sent shockwaves through the global financial community, as it highlighted
the vulnerabilities and risks associated with cyber-attacks on financial institutions. The
Bangladesh Bank suffered significant financial loss, with repercussions including
reputational damage, legal battles, and regulatory investigations.

• The Bangladesh Bank heist remains a cautionary tale, showcasing the evolving threat
landscape of cyber-attacks and the critical need for comprehensive cybersecurity
strategies and risk management practices in the financial sector.

• You are the management accounting team created by a leading bank in the
Philippines. You are tasked to profile cybersecurity risks and propose ERM strategies.
 Stay updated with your information to ensure full compliance with
data protection laws.
 Employee Training and Awareness: Invest in ongoing cybersecurity
training and awareness programs for all employees to mitigate insider
threats.
 Advance Security Technologies: Implement cutting edge security
technologies such as instrusion systems, Al-driven threat detection,
and strong encryption protocols.