It is disheartening to learn that most of the banks and financial institutions of the country cannot obtain maximum benefit from Information Technology (IT) due to scarcity of skilled workforce. Minimisation of risk of information technology (IT) is a major challenge for the banking sector. Now all the private banks and their branches are 100 per cent equipped with Information Technology (IT). The banking sector has embraced IT, but it is yet to ensure cyber security and risk management techniques.
Thus the widespread intervention of IT in banking sector over the last years has made the banks vulnerable to Cyber attacks. Reportedly, fifty 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. Although around 96 per cent of the banks have introduced real time online banking and also efforts are on to bring all branches under the same system within the current year, worries are there as they are not fully protected against possible cyber-attacks.
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. Therefore, 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 cyber security has often been neglected in Bangladesh because of the absence of stern and effective cyber security regulatory norms. The developed countries have laid more emphasis on resisting sophisticated cyber attacks 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.
It is disgraceful to note that some basic guidelines and recommendations have been issued by BB but they are still away from international standards. Considering the situation, we call upon the bank authorities to think how to make the best use of 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. We have to take measures to mitigate cyber threats risks, which is why investment in the IT sector has to be increased, both in terms of physical infrastructure and software upgrades. Bankers should be more aware and receive IT training.
