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Workshop on Cyber Threat Readiness for Bankers held in BIBM

A day long workshop was held at the Bangladesh Institute of Bank Management (BIBM) on 23July, 2017 in its auditorium. A paper titled "Cyber Threat Readiness for Bankers" was presented in the workshop by Mr.Amirul Islam Chowdhury, CEO, Trans IT Solution.  This workshop jointly organised by the BIBM  and Trans IT Solution at the BIBM auditorium in the capital, Dhaka. Dr. Toufic Ahmad Choudhury, Director General of BIBM chaired the occassion.

 The objectives are to find out the similarities and dissimilarities of IT operations across the banks, to find out the strengths and weaknesses of IT operations and to identify the changes in recent times.The study also identifies the problem areas as well as success factors in IT operations and suggests some possible measures for better functioning of credit operations of banks. A good number of participant’s senior bank executives, academicians, media representatives, faculty members, officers of BIBM participated in the workshop.  

 Mr. Fazle Kabir, Chairman, BIBM Governing Board and Governor, Bangladesh Bank was present in the worshop as the chief guest. Fazle Kabir said that central bank had recently taken a number of initiatives to protect the country’s banking sector from cyber-attack after the BB had faced a reserve heist.

 Mentioning that cyber security has become a major concern of the financial sector both in local and global perspectives, the banks should take awareness programmes for their staff with a view to fortifying their IT system, he said.The central bank has recently prepared IT security guidelines for the banks to ensure secure transactions through the digital methods, he said.

 Association of Bankers, Bangladesh chairman Anis A Khan said the MDs and CEOs of 12 to 14 banks hadn’t the slightest idea how to reply to an email. The MDs will not be able to protect their banks from unexpected cyber-attack due to lack of awareness about the IT system. They have no capacity to place a proper proposal before their respective boards of directors to set up updated IT infrastructure at their banks, he said while addressing the workshop.

Senior executives of the banks also hold poor IT knowledge that will put the banks at risk, said Anis, also the MD and CEO of Mutual Trust Bank.

Dutch-Bangla Bank managing director Abul Kashem Md Shirin said that half of the banks would fail to provide client services if the Dhaka city faced any natural calamity like moderate-degree cyclone and earthquake. No banks would be able to continue operation in case of a heavy natural disaster as all banks have set up their data centres and data recovery stations in the capital, he said. The banks should shift their data centres and data recovery stations from the capital as the Dhaka city is a risky zone considering the probability rate of earthquake, Shirin said.

Trans IT Solution chief executive officer Amirul I Chowdhury presented the keynote paper at the workshop.Hackers make cyber-attack every 39 seconds here and there in the globe. Hackers swindled businesses and entities out of $1 billion in 2016 thorough using ransomware, said Amirul in his paper. The amount of loss due to the cyber-attack might stand at $1 trillion in 2021, he said.

Hackers firstly try to dodge the employees of banks to steal the clients’ information. A huge amount of money is easily embezzled from the banks if the targeted employees fall in the trap created by the hackers, he said.

The banks should organise workshop to educate their employees on regular basis as hackers are trying relentlessly to attack their IT systems, he added.

Written by Manager

Tuesday 25th July 2017