Banks must enhance cybersecurity measures

The security breach detected by the Bangladesh Cyber Security Intelligence (BCSI), which has recently occurred in some cardholders' dual currency credit cards, is deeply concerning. The BCSI found that cybercriminals carried out some unauthorised transactions using several dual currency credit cards of different banks by illegally obtaining data from social media ad management platforms.

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Whose job is it to tackle Bangladesh’s growing cybercrime problem?

The gravity of the situation is reflected in Bangladesh Bank's (BB) recent circular issued through its information and communication technology department cautioning commercial banks about the rise of cyber and malware attacks. Thankfully, the central bank also mentioned 17 cybersecurity measures for banks including one-time passwords for each transaction, multi-factor authentication, and limiting the number of log-in attempts. Sadly, the previous regime, under the guise of improving cyber security and stopping cybercrimes, focused solely on suppressing dissent. As a result, our cyber security agencies have not been able to develop the capacity to adequately address cybercrimes, considering the frequency and sophistication of the attacks we witness nowadays in particular. However, it is never too late to take steps in the right direction, which the BB has recently done. The financial watchdog not only alerted banks and financial institutions but also delegated an official to oversee the implementation of the cybersecurity measures it suggested.

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Rising cyber violence is a blot on Smart Bangladesh

While we welcome the central bank's actions, we also urge the banks and financial institutions to be more proactive in ensuring the financial security of their customers. Measures such as keeping their cybersecurity systems updated or using artificial intelligence or machine learning to detect unusual trends in bank identification number attacks are not enough. They also need to educate their customers about the potential risk of sharing personal data online and suggest ways to protect their data online. However, given the sophistication of technology that cyber criminals apply, it is not realistic to expect that simply raising users' awareness about cybersecurity can prevent such digital financial crimes. Banks and financial institutions have to invest in better online technology and enhanced security protocols to prevent cyber and malware attacks. The government, on the other hand, should revisit and ensure that our laws and regulations on online financial crimes prioritise and protect consumers' interests and guarantee compensation to victims.