Banks, FIs facing increasing cyberattacks

Banks and financial institutions in Bangladesh are facing an alarming surge in cyberattacks in recent weeks, according to latest alert issued on Thursday night.
The Bangladesh e-Government Computer Incident Response Team (CIRT) urged the banks and financial institutions to beef up their cybersecurity systems to thwart attempts of hacking.
The CIRT reported a significant increase in cyber-threats, with hackers targeting various sectors, including banks, government institutions, law-enforcement agencies, industrial plants, and educational institutions.
The primary methods of attack identified by CIRT include phishing, Distributed Denial of Service (DDoS) attacks, and ransomware.
"Hackers are exploiting vulnerabilities in servers, websites, and other digital infrastructures, primarily using malware, to steal sensitive information," says the alert.
CIRT's analysis indicates that Bangladesh has become an easy target for these cyberattacks due to the widespread use of pirated software, infrequent security-system updates, and an overall weak cybersecurity framework.
"This has left many institutions, especially in the financial sector, vulnerable to cyber-threats."
The industrial and financial institutions have seen a marked increase in ransomware attacks this year as well.
"Advanced persistent threat (APT) groups, such as the South Asian-based Sidewind, along with various ransomware gangs, are conducting these attacks with alarming regularity," reads the report.
To combat the rising threat, CIRT has issued several guidelines aimed at bolstering cybersecurity across the nation. The must-dos include keeping security systems and software up to date, using legitimate licensed software, conducting regular security checks, and being cautious of suspicious software and weblinks.
The advisory from CIRT underscores the need for a robust cybersecurity strategy and proactive measures to safeguard against these increasing threats.
Financial institutions, in particular, are urged to adopt these guidelines to protect their critical assets and sensitive information from cybercriminals.
"As the frequency and sophistication of cyberattacks continue to grow, it is imperative for all sectors, especially banks and financial institutions, to strengthen their cybersecurity measures to defend against potential breaches and ensure the safety and integrity of their operations," report adds.

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