Apply 7 Risk Management Steps Tools Relative Cyberattack Bank Bangladesh 81 Million Ultima Q34234080

Apply the 7 Risk Management Steps and Tools, relative to thecyberattack on the Bank of Bangladesh for $81 million whichultimately was credited to various accounts in RCBC.

Explain and elaborate more.

1. Establishing goals and context (i.e. the riskenvironment),

2. Identifying risks,

3. Analyzing the identified risks,

4. Assessing or evaluating the risks,

5. Treating or managing the risks,

6. Monitoring or reviewing the risks and the risk environmentregularly, and

7. Continously communicating, consulting with stakeholders andreporting

Expert Answer

The Bangladesh Bank robbery took place in February of 2016 whena total of 35 fraudulent instructions were carried out to withdrawfund amounting to 1billion USD from the bank’s account in