A man from Queens, NY is charge in Federal Reserve software
theft. Bo Zhang, 32 a Chinese computer programmer who work at a Federal Reserve
Bank of NY is facing charges. Federal Reserve Bank protects customers dealing
with Banks and helps operate U.S. payment system. Zhang was hired as a contract
employee in May and was a programmer at a Bank. For his own computer training
business he stole that computer code. Last year in summer while he was working
as a government employee he was arrested for copying the software to an
external hard drive. About $9.5 million was the cost to develop this software
and its own by US Treasury Department.
The suspected breach was uncovered when one of his friends
told his supervisor that he has lost the hard drive, which contains the code. The
suspected breach was investigated by the Bank and reports it to the
authorities. He admitted that he copied that code in his private computer to use
it in his computer training Business. He faces 10 years in prison if convicted.
After a brief court hearing Judge ordered him released on $200,000 bail. The
FBI does not believe that this is connected to international espionage so he
was released on Bail and charges only with theft. Computer security is at risk
as a government contract employee like Bo steals government intellectual
property. Fighting cyber crime sounds complicated when government employee like
him misuse his position.