Recent Bank Heists: Why to Compromise Critical IT Assets?

A $101 million bank heist, earlier this year, brought the issue of cybersecurity to the forefront once again. In a sophisticated operation, cybercriminals robbed the Central Bank of Bangladesh by getting hold of SWIFT (society for Worldwide Interbank Financial Telecommunication code), the access code for global cross-border payment messaging system.

More important, it wasn’t an isolated case. Even as the dust over Bangladesh bank incident had not settled, the global banking system was again taken aback. This time it was an Ecuador bank, which was hit by a $12 million cyber-heist. The modus operandi was same.

Since then at least a dozen banks mainly in the APAC region have reported possible cyber-heists attempts.  .

The FBI believes such operations cannot be carried out without the help of insiders. Indeed, the Access codes are hard to breach without an insider help.This alarming trend shows that financial institutions’ information systems are now at a grave risk—not just from rogue hackers and cybercriminals but also from malicious insiders.

In a nutshell, securing IT assets is even more critical now than ever before as threats of cybercrime, especially from insiders, rise.

We at ARCON have built expertise in protecting critical IT assets.

Our Privileged Access Management (PAM) is a unique solution, providing foolproof protection to your IT assets. To find out more about how our unique PAM solution can help you Predict, Prevent, and, Protect attacks on Privileged Accesses, please write to us at

ARCON provides state-of-the-art technology aimed at mitigating information systems related risks thereby enabling organizations to comply with Governance, Risk Management and Compliance (GRC) requirements. The company, in particular, is known for its unique Privileged Identity Management/Privileged Access Management solution, which helps deter the misuse of ‘privileged identities’.

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