Cyber Heist Probe: Bangladesh May End Contract With FireEye

Bangladesh Bank reportedly cites high cost as reason for possible termination of agreement.

FireEye is unlikely to continue its probe into the $81-million cyber heist of Bangladesh Bank as the bank may discontinue its contract at a board meeting today, reports Reuters. The bank, citing steep costs for the service, has already paid the cybersecurity firm $280,000 at the rate of $400 per hour, say bank sources.

FireEye’s Mandiant division was hired by Bangladesh Bank weeks after millions were transferred out of its New York Federal Reserve account by cybercriminals in February. The company had come up with an interim report detailing factors behind the theft and says it needs 570 hours of more work to complete the probe but board members are unsure of further results, the bank officials told Reuters.

According to a bank director, the bank now plans to conduct internal investigations before employing outside help. FireEye has said it would continue to support the probe even after its contract has formally ended.

Read full report on Reuters.

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