The Bangladesh Bank has recently warned banks and non-bank financial institutions over threat of cyberattacks. According to media reports, the central bank has received information on a possible malware and virus attack targeting the information and communication technology (ICT) systems of some institutions.
The widespread intervention of IT in banking sector over the last years has made the banks vulnerable to Cyberattacks. Reportedly, forty per cent banks of the country are vulnerable to cyber attack risks as these financial institutions have not yet been equipped properly to check those.
Experts are of the opinion that most of the banks are yet to comply with the directions despite strict guidelines from Bangladesh Bank (BB) over establishment of IT Governance and IT Security for all banks in the country. Hence, all the private and public banks should allocate a certain portion of annual income for ICT infrastructure development and manpower training.
All the private and public banks
should allocate a certain portion
of annual income for ICT
infrastructure development
and manpower training
The need for reinforcing cybersecurity has often been neglected in Bangladesh because of the absence of stern and effective cybersecurity regulatory norms. The developed countries have laid more emphasis on resisting sophisticated cyberattacks and protecting banking information and infrastructure whereas Bangladesh is lagging far behind in taking such preparations owing to lack of skilled manpower and modern technology.
Considering the situation, we call upon the bank authorities to think how to involve IT to minimize the cost and increase the efficiency, and how to provide better services to the customers ensuring reliability, safety and security. Otherwise, banks may face IT risks as well as business risks..
As cybercrime is an emerging threat and no one is fully secure these days, emphasis should be given on how we can control cybercrimes with continuous monitoring and act accordingly. It is now not only up to the organisations but also to the state to prioritise country’s cyber security needs. In this regard, the government should formulate and implement the right policies and cyber laws that will make online transactions a safer choice for customers. Also, there is a need to deploy special cybersecurity watchdogs and equip them with advanced technology.
