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Bank & Finance - August 15, 2023

Give highest importance to data security: BB to banks

Fear of cyber attacks

Zarif Mahmud: Bangladesh Bank has directed banks and financial institutions to give highest priority to the protection of their data or databases in order to deal with possible cyber-attacks. At the same time, banks have been asked to monitor 24-hour online transactions, transactions through ATM booths, payment technology for purchases through POS machines. Asked to filter any unknown email or message in the mail or website of a bank or financial institution without clicking on them. In case of any problem, the Computer Incident Response Team (CERT) of the central bank or government has been asked to inform.
Recently, these instructions have been given in two letters sent by the central bank to commercial banks and financial institutions. These two letters have been sent from the Central Bank’s Cyber Security Unit and Payment Systems Department.
According to sources, an Indian hacker group threatened to carry out a cyber-attack on some of the country’s critical infrastructure on August 3. They threaten cyber-attacks on the country’s banks, financial institutions, military infrastructure, law enforcement and health sector infrastructure. In this context, a cyber alert was issued across the country from the Bangladesh Computer Council’s certificate. Although the hacker group has threatened to launch a cyber-attack on August 15, Computer Council believes that they can launch this attack anytime before or after August 15.
According to a source of Computer Council, cyber-attack was threatened on August 15, but cyber-attack has been carried out on various institutions of the country since last July. But there was no major damage. Advice is given by contacting them.
A central bank source said that banks and financial institutions are always on high alert. No bank or financial institution has been attacked so far.
Meanwhile, news has been published citing Indian sources that the website of the Indian hacker group that threatened the cyber-attack has been shut down. Bangladesh Cert does not know any such information.
Rather, they identified some fake websites and email IDs. Through which cyber-attacks can be launched. These link certs have informed all concerned.
According to sources, data centers of banks and financial institutions are the most important. Here is all the information about the customer and the bank.
Currently, all banks do online transactions, so the use of this database is high. One bank can also transfer money from another bank account online. That is why they are asked to ensure maximum security of the database. For this, the server needs to be monitored 24 hours a day. The letter also asked to take care that no one can access the server illegally. At the same time, it has been asked to add the latest firewall or security software to the security of the database or server. In these cases, it is said to use established and reputed brands. They are also directed to develop skilled manpower for managing and IT security. Meanwhile, banks have been asked to be extremely cautious in ATM booths, POS machines and online transactions. The booths have been asked to be monitored. Because earlier there have been incidents of money being stolen from POS machines and online booths through fraud.
Recently the public sector Sonali Bank has organized a workshop for the concerned employees of the bank to strengthen cyber security. Officials of Bangladesh Bank and Cert were present in it. Such workshops will be organized in other banks in phases. Besides, various steps have been taken from Computer Council to develop cyber awareness and skilled manpower. For this purpose, training is being given to the officers of banks and financial institutions. Cyber drills are being organized. Apart from this, cyber drills are being organized with workers from different sectors and even students.

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