ED: Protecting against cyber threats

Over the past decade and more, Digital Bangladesh has been front and centre of all our development. 

While the benefits of transforming into a digital economy cannot be stated enough, as more and more of our institutions embrace digitalization, the very real threat of cyber crimes must not be ignored. 

We have just witnessed a scare of a possible hacking attempt, with the central bank alerting banks to restrict online transactions and reduce ATM activity. While restricting or ceasing operations for safety reasons is an adequate response, the best way to deal with the increased threat of cyber attacks is to simply strengthen our information systems. 

Cyber attacks, unfortunately, have already impacted Bangladesh in the very recent past. 2016 saw over $100 million stolen from Bangladesh Bank’s account with the Federal Reserve Bank of New York. 

As a rapidly growing economy posting enviable GDP growth year in, year out, Bangladesh must anticipate being a target for nefarious online activity. The true test of its development journey will be how it reacts to this danger of operating in the digital world. While there are legislation and laws concerning cyber crime, it is not enough to simply have laws to protect us. 

To that end, it is imperative that the government not rest on its laurels and be extremely serious about cyber security. This means investing and planning to make our digital spaces more secure, and building the right capacity amongst the people as well, so that we are ready and not caught off guard in the wake of future cyber attacks.