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Seminar on IT Security of Banks in Bangladesh: Threats and Preparedness held at BIBM

Press Release
Dhaka,30 September 2018
A day long seminar was held at the Bangladesh Institute of Bank Management (BIBM) on 30 September 2018, in its auditorium. A paper titled " IT Security of Banks in Bangladesh: Threats and Preparedness " was presented in the seminar by Md. Mahbub-ul-Alam, Associate Professor of BIBM. Other members of the team are Md. Shihab Uddin Khan, Associate Professor of BIBM; Kaniz Rabbi, Assistant Professor, BIBM; Md. Foysal Hasan,Lecturer, BIBM; Shyamol B. Das, Head of Technology, BRAC Bank Limited; Md. Saiful Islam, First Vice President, United Commercial Bank Limited.
The study identifies the problem areas as well as success factors in IT Security of Banks in Bangladesh. A good number of participant’s senior bank executives, academicians, media representatives, faculty members, officers of BIBM participated in the seminar. BIBM Director General Toufic Ahmad Choudhury Chaired the Program. Dr. Prashanta Kumar Banerjee, Professor  & Director (RD&C) of BIBM delivered welcome address.
Abu Hena Mohd. Razee Hassan, Former Deputy Governor of Bangladesh Bank was present in the seminar as the chief guest. BIBM Muzaffar Ahmad Chair Professor Barkat-e-Khuda, Md. Mahbub-ul-Alam, Managing Director and CEO of Islami Bank Bangladesh Limited; Varuna Priyahanta Kolamunna, Country Manager, Commercial Bank of Ceylon PLC; S. M. Mainuddin Chowdhury, Additional Managing Director of Southeast Bank Limited; Debdulal Roy, Systems Manager (General Manager), Information Systems Development Department, Bangladesh Bank; Dr. Mosaddek Hossain Kamal, Professor, Department of Computer Science and Engineering of Dhaka University.

Abu Hena Mohd. Razee Hassan said, the banks of Bangladesh have been investing heavily in technology infrastructure solutions and manpower. The key purpose of such high investments in IT is to achieve increased productivity, efficiency and profitability. It is seen that both the electronic transactions and volumes were being increased exponentially in the last decade.
As per the study, the country's 28 percent banks have no preparation to handle a large-scale cyber-attack, posing a huge security concern for the banking industry. While 38 percent are fully ready, 34 percent are partially prepared. Cyber system vendors were found to be major entities to commit a cybercrime as 27 percent of them were found to have breached safety arrangements.
Board members of banks are now showing more interest to spend money for developing knowledge on IT, said Helal Ahmed Chowdhury, supernumerary professor of the BIBM. He said bank employees have to be trained on fraudulence techniques to avert cybercrime risks.
Most banks relied on foreign sources to get their software, increasing chances of the information falling into the hands of hackers, said Yasin Ali, supernumerary professor of the BIBM. Bank officials will have to be well trained before adopting cyber systems provided by vendors to avert security risks, he said. Most of the fraud activities were completed with the help of electronic delivery channels, such as mobile banking, ATMs and plastic card transactions.
All the investment will turn worthless if IT employees are not well trained, said Debdulal Roy, general manager of Bangladesh Bank.


Written by Manager

Wednesday 3rd October 2018