Before massive Bangladesh heist, New York Fed feared such cyber attacks

(Reuters) - In the years before hackers have stolen $ 81 million from a Bangladesh central bank account at the Federal Reserve Bank of New York, F...

 

Before massive Bangladesh heist, New York Fed feared such cyber attacks

(Reuters) – In the years before hackers have stolen $ 81 million from a Bangladesh central bank account at the Federal Reserve Bank of New York, Fed senior security officials examine the risk of such an attack – but judged it unlikely prospect, banking sources told Reuters.

The Fed managers ensure that lax security procedures and outdated technology could result in a certain foreign central banks to cyber-criminals on local computers comma deer and break foreign accounts at the US central bank,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 bookings.

In a few years, New York Fed and Federal Bureau of Investigation officials discusses made the risk of attack by using the bank Systema ???? se kommunikasie network known as SWIFT, and according to Fed officials, who spoke on condition of anonymity.

???? The New York Fed is involved in numerous vulnerabilities, â ???? said the former government official. â ???? SWIFT was a them.A ????

But the Fed’s targeted security resources on other priorities, such as the prevention of money laundering and the enforcement of US economic sanctions, officials with knowledge of the Banka ???? security operations, told Reuters. Fed officials have consolation in the fact that SWIFTâ ???? security software has never been cracked, officials have said.

The immediate consequence of the rupture of the New York Fed is a requirement of the Bangladesh Bank for the payment of lost money and a potential lawsuit. Except that the raid showed that the US central bank long understood the potential systemic risk of a major global financial network, but was unable or unwilling to address it.

The New York Fed declined to comment on previous safety priorities or whether this has changed since the robbery. SWIFT declined to comment.

Before the raid, a New York Fed officials ordered consider the threat of fraudulent transfer by SWIFT a a ???? Riska tail ???? â ?? “A statistical term for events with a low probability but serious consequences, says a well-placed official with knowledge of the talks Februaryâ ???? se theft of Bangladesh Bank fits this description. – A fat cyber heist in which thieves try almost $ 1 billion withdraw dozens of requests.

the crime rattled the banking sector, as the channel for the theft was the SWIFT network, an acronym for the Society for Worldwide Interbank Financial Telecommunications. a cooperative under guard 20 of the ???? elite world’s largest central banks, fast connection over 11,000 financial institutions worldwide who use it to order transfers.

a ???? what everyone realize now is that no human being can never really appreciate it risk, â ???? said the person with direct knowledge of the New York Feda ???? ‘s deliberations.

SWIFT has said that the regime change involved Bangladesh Bank SWIFT software computers to prove fraud hide transfer. Last week, SWIFT acknowledges that the Bangladesh Bank attack was not an isolated incident, but one of a number of recent criminal schemes focused on the message platform. SWIFT refused to expand.

Two Bangladesh Bank officials told Reuters they believe both the New York Fed and SWIFT bear responsibility for the failure to prevent the attack. Officials earlier told Reuters that SWIFT Bangladesh Bank no prior warning about vulnerabilities, and the New York Fed to stop fraudulent orders when they reached New York.

The head of Bangladesh Bank is scheduled next week to meet with New York Fed President William Dudley and a senior executive of SWIFT to discuss the matter. SWIFT said the attack was related to an internal operational matter at Bangladesh Bank, and the New York Fed said it has no evidence that its systems compromised.

Richard dzina, head of the New York Feda? ??? s wholesale product office, in response to a banking conference yesterday, said Bank employees ???? acted properlyâ ???? in releasing the funds. The system is penetrated, he said, not because the hackers valid credentials obtained in the transfer order.

$ 80 billion per day

The New York Fed holds trillions of dollars in funds for central banks worldwide. It processes about $ 80000000000 in transfer funds in and out of their accounts every day, according to a New York Fed official.

Security handled by the New York Feda ???? the Central Bank and the International Account Services (CBIAS) division, a well-preserved operation inside the fort in Lower Manhattan. CBIAS know risk profil to individual countries and regions, the assessment of government stability, threats of terrorism and organized crime activity in deciding how money waiver to central banks and other official bodies, current and former Fed officials said.

In the months before the attack, the protection unit focuses on bulk up to protect its anti-money laundering, an initiative driven by the Board of Directors of the Feda ???? s Washington headquarters, according to two people familiar with the plan. Another priority is the Feda ???? protect private Fedwire payments system against cyber attacks, said several current and former Fed officials.

Most transfer requests are automatically approved after computer display. Only a few of about 2,000 daily transactions marked by employees, according to a New York Fed official.

Use one of the officers said automatic scanners for quick payments effective for the prevention of money laundering and the enforcement of economic sanctions was – but will not defend the bank against fraudulent transfers.

???? There is a balance here that needs to be struck between allowing customers to make new payments and to carry out their activities in a timely manner, and also to avoid really unpleasant and obvious fraud, â ??? ? said Shehriyar Antia, a former senior New York Fed policy advisor and analyst in the CBIAS unit

The CBIAS system specifically checks for typographical errors -. and it was a thiefâ ???? s type of error, along with an unusually high number of requests for payments to private parties, which warned the Fed ???? The cyber attack Februaryâ, the bank sources told Reuters. Once alerted, the Fed suspended payments on most of the requests from the Bangladesh Bank, but not before the thieves withdrew $ 81000000.

The Bangladesh Bank, a Bangladeshi police and the FBI is investigating the attack.

A Bangladeshi policeman who departmenta ???? forensic training head earlier told Reuters that SWIFT servers at the central bank of Bangladesh were vulnerable to hackers due to the lack of a firewall and a lack of basic security protocols.

LOS CONTROLS

Three former officials said the New York Fed recently focused Ona loose control terminals and other access to the SWIFT network on foreign central banks, where bankers often ordered withdrawals for hundreds of millions of dollars.

The concern focused on the possibility that banks’ computers implanted with malware or attackers could steal or buy it for sale legal credentials of employees, said former US government official. An additional concern, according to two former Fed officials, the possibility was that a corrupt insider â ?? “Possibly a bank employee a ??” access to the SWIFT network and may have prompted a fraudulent payment.

Year of the management of foreign central bank bills have a number of Fed officials worry that some banks is poorly equipped to deal with the local safety due to a lack of infrastructure investment and other procedural issues. But the Fed does not have the ability to audit security protocols with correspondent central banks.

???? The vulnerability is that central banks, even in developing countries, has a very money proportion to their level of sophistication, â ???? said concerned officials with knowledge of the security. â ???? Ita ???? is not only Bangladesh.â ????

(Be by David Greising; Editing by Brian Thevenot and Edward Tobin)

Robot stitches tissue by itself, a step to more automated OR

 


Many engineers designed as self-driving cars, Wednesday’s research is part of a move to autonomous surgical robots, removing the hands of the surgeon certain tasks that can execute a machine in itself.

No, doctors will not let the night â ?? “They are designed to hold, plus they have to handle the rest of the operation supervision. The device is also not ready for the operation room.

However, in small-scale tests using pigs, the robot arm performed at least as well, and in some cases a little better than some competitive surgeons stitched together intestinal tissue, researchers reported in the journal Science Translational Medicine.

“the goal was not it feel replacing surgeons, “Dr. Peter CW Kim children National Health System said in Washington, a pediatric surgeon who led the project.” If you’re an intelligent application that works with a surgeon, this can improve the outcome? That’s what we did. “

If you heard about machines like the popular Da Vinci system, what you think robots already working. Not really. Today many hospitals offer robotic-assisted surgery where surgeons use the machines as tools they with the hand control, typically to operate through small openings in the body. However, robotic-assisted surgery controversial, as some studies have shown that may bring higher costs without better outcomes.

so why the pressure for the next generation of autonomous robots? Proponents believe that there are cases where precision machine se can surpass a human hand.

Wednesday project is “the first baby step toward true autonomy,” says Dr. Umamaheswar Duvvuri from the University of Pittsburgh Medical Center, a head and neck surgeon and robot specialist who was not involved with a new job.

But do not expect to see doctors ever leaving all operations in numbers “a robot’s he warned .

Because it’s designed to do a specific task ?? “Put up fabric â ??” the machine is a very such as the automation trend in other sectors. robot arms do the welding and painting in the most American car assembly lines, for example. They can find inventory in warehouses. From the viewpoint of the driver many cars are now able to warn drivers when they get too close to the car in front of, or to prevent the control and the brakes applied to an accident.

â the new star system ?? “It stands for â Smart Tissue Autonomous Robot ??” works almost as a programmable machine.

Kim’s team at Sheikh Zayed Institute for Children for Children Surgical Innovation has a standard robotic arm and equipped with suture devices plus smart imaging technology to make the trace move tissue in 3-D and with an equivalent of the night vision. She added sensors to help guide every stitch and tell how tight draw.

The surgeon places fluorescent markers on. tissue that needed stitching, and the robot takes aim as doctors watch

Now the test: Can the STAR tire tube pieces of the intestinal tissue of pigs, sort of like two sides of a garden hose Each soft? tissue, surgery is difficult for machines because these tissues in place to move so easily. And stabbing in these compounds must precisely positioned even for experts to occur leaks or blockages, a challenge.

The use of pieces of pork intestine bodies outside the animals’ as well as five live but anesthetized pigs, the researchers have tested the STAR robot to open surgery, minimally invasive surgery and robotic-assisted surgery.

â some action ?? “The consistency of sutures and their ability to prevent leaks â ??” “We beat the surgeons,” says Children engineer Ryan Decker.

The star approach was not perfect. The Star has less than stabbing reposition the surgeons performing minimally invasive and robot-assisted suture. But much longer in the lives of animals, the robot and have some bonding errors while the surgeon sew handmade.

Kim, whose team has filed patents on the system, said it may accelerate the robot. He hopes to begin human trials in two or three years.

Apple’s stock suffers worst week since 2013

 

Apple's stock suffers worst week since 2013

San Francisco (Reuters) – Apple Inc on Friday ended its worst week in the stock market as concerns ulcers since 2013, a delay of iPhone sales and to influential shareholder Carl Icahn revealed he sold his entire interest

<. p> Apple Shares, a mainstay of many Wall Street portfolios and most of the Standard & amp; amp; Poor’s 500 index fell 11 percent in the past five sessions.

The technology shrank the hippo market cap of $ 65000000000, about equal to net capital of Cambodia.

The confidence in the Cupertino, California company has been shaken since placing its first quarterly decline in iPhone sales and first revenue decline in 13 years on Tuesday, although Apple investors have pointed to a relatively low valuation of the stock se as to hold a major reason for the equity markets.

“if you are going to buy Apple, you have to buy it for the long term, because the next year or two are quite tough,” Michael Yoshikami says CEO destinations Wealth Management, which shares Apple owns.

In the light of lackluster sales of smartphones in the US, Apple has bet on China as a major new growth engine, but progress has been a let-down.

Revenue from China fell 26 percent during the March quarter and iBooks stores and iTunes movie service in China was closed last week after the introduction of new regulations on online publishing.

The recall concerns that Beijing is difficult for Apple to do business in China can make, a long time Apple investor Carl Icahn CNBC yesterday that his interest in the company he previously described as a ” no brainer “has sold and undervalued.

The selloff has left Apple trade at about 11 times expected 12-month earnings, cheap compared with the average of 17.5 for the past 10 years. S & amp; amp; P 500 stocks traded on average expected earnings against 17 times.

“The tide goes out a bit, but it is likely to improve in the autumn with the launch of the next iPhone,” said Pat Becker Jr., principal of Becker Capital Management, which also Apple’s own stock . “It is a possibility.”

Wall Street remains positive over 36 analysts tracked by Thomson Reuters offered to buy shares of Apple while nine have neutral ratings and nobody offered to sell.

The median analysts’ price targets is $ 120 compared to $ 130 at the end of March. The stock ended Friday at $ 93.75, ie 1.14 percent

(Reporting by Noel Randewich; Editing by Bernard Orr).

Amid talk of ‘peak iPhone’, Apple’s prospects hinge on next model

 

Amid talk of 'peak iPhone', Apple's prospects hinge on next model

(Reuters) – Ask Siri as iPhone 7 answers to problems of Apple Inc’s will, and tell you that a visit to the Apple question website “and more”

If you have to answer. it was so easy.

Apple shares closed down 6.3 percent at $ 97.82 on Wednesday, wiping out about $ 36 billion in market value, a day after the company announced its first-ever drop in smartphone sales, aroused talk of “peak iPhone. ”

For many analysts, the company is the immediate future iPhone 7, Apple is expected to launch in September.

“If the iPhone 7 do not surprise with meaningful new useful features, we are concerned that not to upgrade the consumer,” Macquarie analyst Ben Schachter wrote in a note to clients.

“And unfortunately nothing we’ve seen on iPhone 7 so far, we find particularly innovative,” the Schachter, who cut his price target to $ 112 from $ 117, while maintaining its “correct” figure in the equity markets.

iPhone 7 is expected that a new look with sporty features such as waterproof, touch wireless headphones and strength as the home button.

But really wonder if it will be enough for the Android-based phones their existing iPhones to attract users to shower or link that can be entered to dominate the smartphone market.

Goldman Sachs remove Apple from its conviction list to results from Apple and said the company stocks expected to remain weak until the market becomes more comfortable with the outlook for the iPhone 7.

Goldman was among at least 16 brokers cut price forecasts on Apple’s stock, cut its target to $ 136 from $ 155, while keeping a “buy” rating.

of the 46 analysts covering the stock, 36 rate it “buy” or “strong buy” or the equivalent. The median price target is $ 121, according to Reuters data.

Apple usually releases new iPhones in September and selling the most units in the December quarter.

unit sales tend to decline in the coming quarters, up to launch the next iPhone.

Nearly erased $ 200 billion

Together with the weaker-than-expected iPhone sales, Apple announced its first decline in income in a decade. Sales in China, the company’s main market after the United States, 26 percent.

Apple has also forecast a disappointing quarter for sale.

The bad news overshadowed strong results from the company’s growing business services and an increase in the purchase of shares

If Wednesday’s close, nearly $ 200 billion was wiped off the value of the world’s most valuable listed company last year -. almost equal to the market cap of Wal-Mart Stores Inc., the world’s largest retailer. The stock last closed below $ 100 in February.

disappointing results from Apple until a recent pattern for technology companies. Microsoft Corp and Google Inc older alphabet came short of expectations.

Piper Jaffray’s Gene Munster said that while there is little ligpunte in Apple’s report he believed would restore the shares of Apple iPhone sales in 2016 as growth begins again in the fourth quarter.

But there was a greater demand for longer-term growth of the iPhone and other factors that can drive revenue, he said. “That question remains unanswered after Report March”.

(Reporting by Tenzin Pema and Supantha Mukherjee in Bangalore; Additional reporting by Subrat Patnaik; Editing by Ted Kerr and Robin Paxton)

Alphabet drops most in three years after first quarter but analysts upbeat

 

Alphabet drops most in three years after first quarter but analysts upbeat

Analysts agreed. Investors were not so sure.

The company’s shares closed down 5.46 percent at $ 737.42 on Friday, their biggest ODI percentage drop since October 2012.

The search giant’s first-quarter profit remains estimates especially since it build more traffic to its mobile advertising.

But analysts are focused on the 20 percent increase in revenue from Google websites, an important measure that most closely meet expectations.

“If the fog is more head than a real one. And fundamental trends are intrinsically impressive. And valuation looks compelling. Then when you buy it,” RBC Capital Markets analyst Mark Mahaney said in a client note .

Susquehanna Financial Group analysts agreed. “While head missed numbers, the key earnings figure was fine,” she wrote.

Several agents, including Susquehanna, cut price targets on alphabet, but persevered “buy” recommendations.

RBC has its $ 1,000 price target

same drivers alphabet necessarily help sales growth -. mobile, purchase and sale of auto advertising and YouTube – bring with them something higher costs in the short term may continue, Canaccord Genuity analysts in a note.

alphabet said traffic acquisition cost is $ 3800000000, responsible for 21 percent of advertising revenue in the first quarter that the ongoing shift to mobile and the increasing importance of automated or “programmatic” advertising

at its core, Mahaney said alphabet is largely to show an advertisement company and the strength of this business further in the quarter, with a high incidence of absolute growth. – “No small matter in a nearly $ 70000000000 ad company.”

Google’s advertising revenue rose 16.2 percent to $ 18.02 billion in the quarter, while the number of ads jumped 29 percent.

“We feel it was a solid quarter, but the” least good “for the past five, each of which the equity market higher,” said Canaccord analysts.

At least 11 brokers cut their price targets on the stock markets, with as much as $ 80, but not a downgraded the stock

Macquarie and Deutsche Bank have their price targets to $ 20 – .. Deutsche Bank and Macquarie $ 1,100 to $ 890

of the 51 analysts covering the stock, 48 rate it “buy” or higher and three have “hold” one. No one recommends selling

at Thursday’s close, the output alphabet 42 percent in the past year

(Reporting by Supantha Mukherjee and Tenzin Pema in Bangalore; editing by Ted Kerr .. it)