In wake of Bangladesh heist, NY Fed in cyber ‘arms race’: Dudley

The Federal Reserve Bank of New York is in an ‘arms race’ to keep beefing up protections against cyber threats, its president said on Friday when asked about the heist of $81 million from Bangladesh’s central bank’s account held at his institution, Reuters reports.

‘This is an ongoing effort to continue to upgrade (and) reduce the vulnerabilities of our perimeter, and recognizing that there are bad people out there that do want to do harm to us,’ New York Fed President William Dudley said in his first public comments on the recent heist, which is being investigated in an international effort.

‘This is something we focus on very, very intently,’ and want the New York Fed to be ‘buttoned up in terms of cyber security risk,’ he added.