The country's bankers Sunday underscored the need of a common platform to fight cybercrimes and share information and resources of cyber security.
They also suggested for forming the platform under the Association of Bankers Bangladesh Limited to share cyber security resources that also may include a response team.
They said the following any attack or potential threat detection, banks should share the central bank first, but also other banks help fight the risks together.
They were addressing the inaugural session of a two-day summit titled "Building Cyber Resilience for Banks" organised by the Association of Bankers, Bangladesh (ABB).
Speaking as the chief guest, Bangladesh Bank Governor Fazle Kabir said technology comes with risks and challenges.
The governor expressed his hope that the participants will be able to apply the skills and governance gained at the summit at work and can help their organisations become cyber ready.
"I urge the participants to share the knowledge with others of the banking fraternity," he said.
The Bangladesh Bank governor also said bankers can work together to combat threats against cyber security.
"All the officials present at the event can work together to combat threats against cyber security efficiently," he said.
Mr Kabir said the country's banks have to invest lofty amount on their cyber security measures and remain vigilant to keep hackers at bay.
"There are organised fraudsters lurking out there who keep trying to break into the bank's infrastructure. So, banks have to invest a lot in cyber security and remain vigilant to keep hackers at bay," he said.
He lauded the efficiency of digital banking during the coronavirus pandemic, and how it helped put the economy back on the wheels.
He said the country's foreign exchange reserves are still in a comfort zone.
"The reserves stood at $41.7 billion, which is good enough to settle import bills for more than five and a half months," he noted.
Mr Kabir mentioned that the country has been facing foreign exchange pressure for the last couple of months due to soaring import payments which stemmed from the global supply chain disruption.
Addressing the event, ABB Chairman Selim RF Hussain said as cybercrime is increasing in this age of digital banking, "We must prepare ourselves to tackle the risk".
He said with the magnitude of threats, "We think stronger collective response and knowledge-sharing is essential to face the threat".
"We hope we will return to our workplaces with ample wisdom on cyber security and prepare ourselves for the future after this two-day summit," Mr Hussain said.
He said cyber security is a shared responsibility.
"We feel a stronger collective response to cyber security in our banks requires using resilient systems to detect potential incidents and hold violators accountable," he mentioned.
He said it is crucial to have strong international norms to facilitate collective cyber security responses in Bangladeshi banks.
Cyber security is not a choice, rather it is a must-do act, he added.
As a panelist, Managing Director & CEO of Islami Bank Bangladesh Limited (IBBL) Mohammed Monirul Moula said the country's banks should have a common cyber security resource sharing system with response team.
He suggests that ABB as the platform of bankers can take the initiative.
Mr Moula also said the central bank and ABB should work together on cyber security and cyber threats.
Managing Director & CEO of Meghna Bank Sohail R. K. Hussain said there should be a cyber security information sharing process for banks.
"So we know anything bad happens to any bank and we can react immediately," he said.
However, Managing Director & CEO of Dutch-Bangla Bank Ltd Abul Kashem Mohammed Shirin said the ABB is not yet capable of hosting such platform.
"Yes we need it, we need it in the future," he said.
He said banks should first report to the central bank if any cyber threat is detected in any bank.
Bangladesh Bank Executive Director Debdulal Roy, ABB Vice-Chairman and Sonali Bank MD and CEO Md Ataur Rahman Prodhan, ABB Vice-Chairman and EXIM Bank MD and CEO Mohammed Haider Ali Miah, and ABB Secretary-General and Standard Bank MD and CEO Khondoker Rashed Maqsood were also present at the event.
More than 200 participants from the banking industry including MDs and CEOs, COOs, CTOs, CIOs and CISOs are participating in the summit.
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