• Sunday, Jun 26, 2022
  • Last Update : 04:24 pm

Form cybersecurity teams, BB tells NBFIs

  • Published at 08:18 pm June 22nd, 2021
WEB_Cybersecurity
File Photo: Silhouettes of laptop users are seen next to a screen projection of binary code are seen in this picture illustration taken March 28, 2018 Reuters

The cybersecurity teams will have to present the overall status of the IT security and system backup during board meetings

Non-banking financial institutions (NBFIs) have been asked to form their own cybersecurity management teams in order to monitor and thwart digital threats.

The cybersecurity teams will have to present the overall status of the IT security and system backup during board meetings, according to a circular issued by the Bangladesh Bank (BB) on Tuesday.

At the end of each working day, the backup of the overall ledger and database should be collected and stored properly as per the guidelines.

BB had earlier advised to form a committee for formulating a comprehensive policy on disaster recovery, database management, business continuity following the Covid-19 pandemic.


Also Read - The Lazarus heist: How North Korea almost stole $1 billion from Bangladesh


Speaking to Dhaka Tribune, Md Kyser Hamid, managing director of BD Finance, appreciated the central bank's move and said the circular was issued as an extension of previous instructions they issued.

"As part of the new instruction the central bank has asked to form an IT management team to enhance and develop cybersecurity of NBFIs," explained Kyser.

He also pointed out, NBFIs have been exposed to cybersecurity threats with the pacing digitization, with some NBFIs having digital wallets, credit cards even and availing consumer loans.

In this regard, there is a strong requirement to strengthen IT security in the financial sector. Accelerated digitalization and remote working arrangements have increased the global financial sector's exposure to cyber-risks and could lead to more complex cyberattacks that trigger higher losses, according to Hamid.


Also Read - Hacked: Cyber-safety in the digital era


Although NBFIs have less real-time transactions than banks both finance sector institutions close ledgers on day end. In the case of a cybersecurity attack an efficient database management will help to identify transaction standings prior to it, said Kyser.

Additionally, data from records sought by BB can be availed efficiently in contrast to sending them manually with the help of secured database management through an IT team, he added.

There are 36 NBFIs operating in the market in Bangladesh.

50
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail