The Sheltered Harbor Project: A system of private sector collaboration to improve financial resilience
Hacking events targeting banks and other businesses have grown in magnitude over the last several years, resulting in financial losses and reduced consumer confidence. These intrusions have impacted a variety institutions including an $81 million theft from the Bank of Bangladesh, which used $10 dollar routers, no firewalls, and relied almost entirely on the SWIFT (Society for Worldwide Interbank Financial Telecommunication) financial transaction system for its security. The illegitimate transactions have also been point of contention between the Bank of Bangladesh and the Federal Reserve Bank of New York. The Federal Reserve contests that inquiries into the transactions were never answered, though the Bank of Bangladesh insists its employees followed protocol and argues that the five transactions should not have been approved.