Cyber threat to banks, clients

All the banks in Bangladesh have taken additional cautionary measures in recent times to prevent any cyber attack and at one point postponed cash withdrawal services from booths at night. The Financial Express ran a report on September 28 titled 'Banks at grave risk of cyber attacks'. Fortunately, there was no such attack this time around.

However, we have a tendency of taking about measures whenever there is a threat apprehended or any occurrence like that of the 2016 cyber heist of the Bangladesh Bank's $81 million. However, once the issue is no longer discussed in the public domain, we forget everything. We sometimes act when it is too late.

It is also important that banks and financial institutions trained employees to safeguard their operations from cyber attacks. They should also make their clients aware of the risks and some banks are doing so. As we are increasingly becoming dependent on IT services, it is high time we prepared ourselves to counter any threats. Both public and private sectors players can organise contest seeking ideas on how to utilise potential of IT sector and also keep all other sectors safe from cyber attacks. Let's not also be swayed by cyber threats as there are enormous potential for Bangladesh and the Bangladeshi youth for benefiting from IT-based services.

MA Islam

Dhanmondi, Dhaka