After a forensic analysis of the treasury breach, bank investigators discovered that spy software was covertly installed on workstations inside the bank's Washington headquarters — allegedly by one or more contractors from Satyam Computer Services, one of India's largest IT companies.
The software — which operates through a method known as keystroke logging — enabled every character typed on a keyboard to be transmitted to a still-unknown location via the Internet.
Upon its discovery, insiders report, bank officials shut off the data link between Washington and Chennai, India, where Satyam has long operated the bank's sole offshore computer center responsible for all of the bank's financial and human resources information.
Satyam was also banned from any future work with the bank. "I want them off the premises now," Zoellick reportedly told his deputies. But at the urging of CIO De Poerck, Satyam employees remained at the bank as recently as Oct. 1 while it engaged in "knowledge transfer" with two new India-based contractors.
Satyam — one of the largest and most prestigious IT companies in India — is publicly listed on the NYSE and boasts having $2 billion in sales and more than 150 Fortune 500 companies as clients. In 2003, Satyam — it means "truth" in Sanskrit — won a much-heralded and lucrative five-year "sole source" contract to design, write and maintain all of the World Bank's information systems.
The contract — which began at $10 million and grew to more than $100 million by 2007 — was suddenly not renewed this year. Satyam so far declines to comment.
Other News Breaks during Oct 13 2008 Trading Hours.15:46 IST
ahluwalia: most important is adequate provision of liquidityhluwalia: most important is adequate provision of liquidity
15:46 IST
ahluwalia: small moderation in repo rate would give signal "which is not bad thing"
15:45 IST
ahluwalia: measures taken already have had good effect
15:45 IST
montek singh ahluwalia: most important to ensure markets function well, bank system stable
15:43 IST
reliance comm says adds 1.76 mln mobile users in sept
15:36 IST
ICICI bank top sensex gainer, up 16.7 pct at 424 rupees; stocks in ICICI dropped around 20 pct on friday
15:34 IST
BSE bankex gains 12.5 pct; capital goods index up nearly 10.5 pct
15:33 IST
BSE sensex provisionally ends up 808 points at 11336 led by a surge in banking and realty stocks
15:27 IST
banking index extends gains to 12.5 pct on day, ICICI bank up over 16 pct
15:19 IST
NSEI block deal: zandu pharmaceutical works 19549 shares at 14880.00 inr
15:13 IST
top sensex gainer ICICI bank trading firm, up around 17 pct at 425 rupees per share; ranbaxy under pressure, down nearly 6 pct
15:05 IST
shares in ranbax:43 IST
reliance comm says adds 1.76 mln mobile users in sept
15:36 IST
ICICI bank top sensex gainer, up 16.7 pct at 424 rupees; stocks in ICICI dropped around 20 pct on friday
15:34 IST
BSE bankex gains 12.5 pct; capital goods index up nearly 10.5 pct
15:33 IST
BSE sensex provisionally ends up 808 points at 11336 led by a surge iing and realty stocks
14:50 IST
realty major unitech up over 12 pct, dlf gains nearly 7 pct
14:47 IST
NSEI block deal: tata consultancy services 101046 shares at 565.00 inr
14:40 IST
tata motors not in talks to buy ford's stake in japan's mazda - spokesman
14:36 IST
nifty up nearly 6.5 pct; reliance infrastructure, sterlite industries, ICICI top index gainers
14:30 IST
BSE realty index up nearly 9 pct; stocks in hdil gain 21.8 pct, top index gainer
14:24 IST
trade min: downward trend in inflation to continue
14:18 IST
BSE power index up over 8 pct; reliance infrastructure up 18 pct, suzlon enery gains 14.5 pct
14:13 IST
ICICI, reliance infrastructure, sterlite industries top sensex gainer
14:07 IST
sensex up over 800 points at 11330 as 29 of 30 index components trade in green
14:05 IST
emco-edison jv in advanced talks to acquire 2 transformer makers in south africa - officials
14:05 IST
emco-edison jv to be operational by mid-2009 - officials
14:04 IST
emco, south africa's edison to invest total $20 mln in transformer jv - officials
14:02 IST
shares in india's top pvt lender ICICI bank trading at 429 rupees per share, up 18.3 pct
13:57 IST
BSE block deal: reliance industries 301156 shares at 1569.90 inr
13:52 IST
trade min: india confident of achieving 30 pct export growth in october
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