Risk Insider: Greg Bangs

Cyber Gang Vigilance

By: | June 29, 2016 • 2 min read
Gregory W. Bangs is chief underwriting officer of global crime at XL Catlin. Over the last 30 years, he’s been underwriting insurance and developing new products in the U.S., U.K., Hong Kong and France. He can be reached at [email protected]

The Bank of Bangladesh didn’t know what hit it. More than $80 million vanished before anyone even noticed last February. The good news is that the criminals did not accomplish what they initially set out to do – steal nearly $1 billion from the bank’s account at the Federal Reserve Bank of New York.

The hackers, however, did succeed in installing malware in the Bangladesh central bank’s computer systems. Then they watched, probably for weeks.

They observed how to go about withdrawing money from the bank’s U.S. account, using its credentials for the SWIFT (Society for Worldwide Interbank Financial Telecommunication) messaging system.

SWIFT is used by banks around the world along with other financial institutions like brokerages, securities dealers, asset management companies, and others, for secure financial communication.

If an email’s subject line is so tempting that you can’t resist opening it, you probably shouldn’t.

Bangladesh’s central bank was not alone; the same crooks took $12 million from an Ecuadorean lender in January 2015. Fortunately, another attack trying to steal about $1 million from a Vietnamese bank late last year was thwarted.

In all of these incidents, the perpetrators got access to the codes the banks use to connect to the SWIFT global payments network to request fund transfers that were directed elsewhere and then quickly disappear.

All indicators are pointing to one prime culprit – Dridex, a notorious gang of cyber criminals operating in Russia and former parts of Eastern Europe.

Dridex is a disciplined, highly organized gang that operates very much like any other company, following a Monday-to-Friday work week. During those working hours, it sends millions of phishing emails, managing to infect an average of 3,000 to 5,000 computers a day with its malware, also known as Dridex.

Once released, the malware lurks on a user’s computer, watching everything he or she does, waiting for some online banking activity, at which time it uses keystroke logging or web injections to steal the necessary user name and password so that it can carry out its own transactions later on.

These incidents are prompting central banks worldwide, as well as other businesses, to beef up security. After all, some security firms are already reporting that Dridex recently stepped up its attacks and added ransomware to its inventory. Most predict financial institutions will not be the prime target for long.

In addition to conducting regular audits and building strong information security awareness protocols, businesses, no matter what industry, are wise to reinforce some simple, yet vital, messages to all colleagues:

Delete any suspicious-looking emails and be wary of attachments: To unleash malware, hackers are smart enough to disguise attacks as generically worded messages such as, “Please look this over and get back to me by end of day.”

If it’s too good to be true, don’t look. If an email’s subject line is so tempting that you can’t resist opening it, you probably shouldn’t.

Working with their information security and technology teams, as well as many others, risk managers can play an integral role in driving online vigilance throughout their organizations.

Adopting the gang-style approach of the cyber criminals, risk managers can coordinate multiple disciplinary roles throughout the organization to fight cyber gangs’ crime games.

Risk Management

The Profession

Maila Aganon is the personification of the American dream. The vice president of treasury and risk for Caesars Entertainment Corp. immigrated from the Philippines and worked her way to the top.
By: | October 12, 2017 • 4 min read


R&I: What was your first job?

I actually had three first jobs at the same time at the age of 16. I worked as a cashier in a fast-food restaurant, a bank teller and a debt collector for an immigration law firm.

R&I: Who is your mentor and why?

I have a few. The first one would be the first risk manager I reported to. He taught me the technical part of the job, risk financing, captives and insurance. I am also privileged to be mentored by Lori Goltermann (CEO of U.S. Retail for Aon Risk Solutions).  From her I learned to be resilient and optimize life/work balance. Then of course I also have a circle of ladies at work who I lean in to!

R&I: How did you come to work in this industry?

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I was once a bank teller and had a client who was an insurance agent. He would come in every day to make deposits. One day, he offered me a job. He said, “How would you like to have your own desk, your own phone and your own computer?” And I said, “When do I start?” I worked for this personal lines insurance company for six years.

R&I: Did you take to it immediately?

Yes, I did sales, claims and insurance accounting. I left for a couple years and that is when AAA came calling, which was my first introduction to risk management. I didn’t know there was such a thing as commercial insurance. They called me and the pitch was “how would you like to run a captive insurance company?”

R&I: What have you accomplished that you are proudest of?

It is not so much the job but I say that I am the true product of the American Dream. I came to the U.S. when I was 16. I worked three jobs because I didn’t want to go to high school (She’d already graduated high school in the Philippines.) I spoke very little English, and due to hard work, grit and a great smile I’m now here working with all of you!

R&I: What is your favorite book or movie?

In movies, it is a toss-up between Gone with the Wind and Big Daddy.

R&I: What is your favorite drink?

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I like anything sweet. If you liquify a dessert that’s my perfect drink.

R&I: What is the most unusual/interesting place you have ever visited?

This is easy because I just got back from Barcelona on a side trip. I visited the Montserrat Monastery, which is a thousand-year old monastery. It was raining and foggy. I hiked for three hours and I didn’t see a single soul. It was a very peaceful place.

R&I: What is the riskiest activity you ever engaged in?

This is going back to working at a fast food chain when I was young. I worked in a very undesirable location in San Francisco. At 16 I used to negotiate with gang members so they wouldn’t rob me during my shift. I had to give them chicken so they wouldn’t rob me.

Maila Aganon, VP, Treasury and Risk, Caesars Entertainment Corp.

R&I: If the world has a modern hero, who is it and why? 

I can’t say me. They have to be my kids Kyle and Hailey. They can make me laugh and cry within a half-minute of each other. Kyle is 10, a perfect Mama’s boy. Hailey is seven going on 18.

R&I: What about this work do you find the most fulfilling or rewarding?

I think the most fulfilling part is how you build relationships with people and then after a while they become your friends.

R&I: What is the risk management community doing right?

Risk managers do a great job of networking. They are number one. Which is not a surprise because the pillar of our work is building a relationship with underwriters, clients and brokers.

R&I: What could the risk management community be doing a better job of? 

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I am experiencing that right now; talent.  We need to a better job in attracting and retaining talent. Nobody knows about what we do. You tell someone ‘I’m as risk manager’ and they give you a blank look. What does that mean?

We’re great marketers and we should use this skill set in attracting talent. We should engage our universities, our communities, even our yoga groups and talk to them about the exciting world of risk. It is an exciting career because there is nothing like it.

R&I: What emerging commercial risk most concerns you? 

It would have to be the increasing cyber risk and the interdependency of systems.

R&I: What does your family think you do? 

I took my seven year old daughter once to an insurance event that had live music, dancing and drinks. She thinks that whenever I go to an insurance meeting, I’m heading to a party.




Katie Siegel is an associate editor at Risk & Insurance®. She can be reached at [email protected]