A REPORT in The New Nation on Saturday said that a cyber hacking group stole data of three banks such as Dutch-Bangla Bank, The City Bank, and Trust Bank run by Army Welfare Trust in Bangladesh. This data hacking from banks once again shows how vulnerable our banking system is. As Bangladesh is passing a difficult time concerning the recovery of BB’s fund heist, this data hacking from major private banks is a signal for them to be more alert about further catastrophes in the banking sector of Bangladesh. Mentionable, plundering, corruption and loan mismanagement have already made the banking sector most vulnerable.
The cyber attackers exhibited a ‘deep and sophisticated knowledge of specific operational controls’ at targeted banks and may have been aided by ‘malicious insiders’. The authorities concerned, in this regard, should take the matter into their utmost consideration to save the banks from cyber attacks. Experts worry that lax security procedures and outdated technology at the banks could allow cyber-criminals to command computers where crucial data are preserved. What everyone is realizing right now is that no one has ever really appreciated the risk. Data stolen from three banks is not an isolated incident but one of a number of recent criminal schemes aimed at certain banking messaging platforms like those of SWIFT through cyber crime. We need to ascertain the existing technical gaps and vulnerabilities through a comprehensive cyber security risk study.
Bangladesh remains vulnerable to cyber-attacks in all its technical apparatuses because traditional cyber defenses such as anti-virus software and firewalls are proving ineffective against new threat factors such as zero-day-malware and Advanced Persistent Threats (APT). This is an indirect acknowledgement of actors in the cyber scene who might be independent individual hackers or part of a sophisticated well-resourced crime syndicate.
It has been proved in the case of hacking in Bangladesh Bank that how careless and incompetent people are in high positions of responsibility. The failed Governor of Bangladesh Bank is made a hero to be admired. No law can save crime if the persons in charge do not know how to be efficient.
If recurrent cyber attacks are not handled properly with required technological tools and experts, people will lose confidence in the banking institutions. Depositors’ money in the banks should be protected with all seriousness if the bank officials find it within their ability.
