Banking sector needs cybersecurity boost

The country's banking sector lags behind in cybersecurity awareness despite regulatory efforts, according to a paper on ICT incident response, as a top banker said financial safeguarding resembles the security of a nation.
Presented at a discussion organised by the Bangladesh Institute of Bank Management (BIBM) on Thursday, the paper calls for maintaining agility and consistent investment in technology and training.
The paper, titled "ICT Incident Response Management in Bangladeshi Banks: Current Status and Challenges", advocated cultivating a robust cybersecurity culture to enhance incident response efficacy in the country's banking sector.
It also underscored strategic capacity building so that banks can proactively outpace cybercriminals.
While addressing the programme as the chief guest at the BIBM auditorium, Kazi Sayedur Rahman, a deputy governor of the Bangladesh Bank, said as the banking sector continues to evolve and modernise, it finds itself at the intersection of technological advancement and the ever-present threat of cybersecurity breaches.
"The banking industry is not just a custodian of financial assets; it is also entrusted with safeguarding the financial stability and security of the nation," said Mr Rahman, also the chairman of the BIBM Executive Committee.
Md Mahbubur Rahman Alam, associate professor of BIBM, presented the paper. Other members of the research team included Kaniz Rabbi, associate professor of BIBM; Md. Mushfiqur Rahman, head of IT and vice president, ICT Division, First Security Islami Bank Limited.
The paper also underscored the importance of enhancing the quality and perpetual evolution of incident management policies, emphasising the need to explore strategies for ensuring their continuous improvement.
Transparent incident reporting and communication were emphasised in the paper as vital for maintaining customer trust, while the importance of effective collaboration among banks, stakeholders and government agencies is highlighted to strengthen the incident response ecosystem.
It recommended conducting regular drills and exercises for incident response preparedness to align with the new ICT Security Guidelines of Bangladesh Bank.
The paper also delved into ensuring that all phases of incident response are effectively followed to achieve a comprehensive incident response.
The paper suggested the expansion of digital forensic capabilities as essential in the era of rising cybersecurity threats.
Dr Ashraf Al Mamun, associate professor and director (Research, Development and Consultancy) of BIBM delivered the welcome address, while Dr Md Akhtaruzzaman, director general of BIBM, chaired the programme.
Md. Abdus Salam Azad, supernumerary professor of BIBM and former managing director and CEO of Janata Bank Limited; Debdulal Roy, executive director of Bangladesh Bank; and Md Shah Alam Patwary, deputy managing director of Dutch-Bangla Bank Limited, also spoke.

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