28 per cent banks not ready to tackle big cyber attacks

The country’s 38 percent banks are ready to tackle any kind of cyber attack while 34 percent do not have full-pledged preparations and 28 percent do not have preparations at all to resist big cyber attacks, according to a study of the Bangladesh Institute of Bank Management (BIBM), reports BSS.

BIBM on Sunday revealed the information at a seminar, titled “IT Security of Banks in Bangladesh: Threats and Preparedness”, held at BIBM auditorium in the city, said a press release.

Bangladesh Bank (BB) former deputy governor Abu Hena Mohd Razee Hassan attended the seminar as the chief guest while former professor of the Dhaka University Economic Department Dr. Barkat-e-Khuda and Managing Director and Chief Executive Officer (CEO) of the Islami Bank Bangladesh Limited (IBBL) M Mahbub ul Alam, among others, were present.

Razee Hassan said banking sector of Bangladesh sometimes neglect cyber security because of the absence of stern and effective cyber security regulatory norms in the country.

“However, some basic level guidelines and recommendations have been issued by the central bank but they are still away from international standards. BB has also mandated establishment of IT governance and IT security for all banks in Bangladesh,” he added.

As many financial products and services directly or indirectly depend on ICT, the former deputy governor said, banks have 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. Moreover, IT security and governance must be ensured for next generation online banking in Bangladesh,” he added.

Barkat-e-Khuda said bankers should change their mindset to ensure cyber security, because it is essential for the country’s economy.