Special Correspondent :
The government has taken a massive plan to maintain a high level of cyber security in public banks following recent cyber heist in Bangladesh Bank using the SWIFT financial messaging system.
Under the plan, the government will implement a project naming ‘Modernisation of state-owned financial institutions’ at an estimated cost of Tk 1,600 crore.
The World Bank (WB) will provide financial assistance to Bangladesh government for implementing the project.
A special unit of Bank and Financial Institutions Division (BFID) under the Ministry of Finance will implement the project in five years, officials said.
“We have already completed negotiation with the WB for the financing of the project. It is expected to be launched on December 1 and to be completed by 2021,” a senior BFDI official told The New Nation on Monday, requesting anonymity.
According to him, the global lender has assured of providing Tk 1,185 crore under the project. The board of the bank has already approved the fund.
“The rest of Tk 415 crore will be provided from the national exchequer,” he added. The BFID has finalized the project after careful assessment and sent it to the Executive Committee of the National Economic Council (ECNEC) for its approval.
“We hope the project will get the ECNEC nod soon,” said the BFID official. When asked, the official said, the main objective of the project is to strengthen cyber security in 11 public banks. It will assist them to install modern IT infrastructure in their critical electronic networks, enhancing their capabilities to detect cyber attacks and thereby taking effective preventive measures.
“Individual financial institution has already taken measures to fend off cyber heists and minimize damage after any systems breach from financial messaging system. The government’s new project will help them beef up the cyber security further,” he noted. He further said the government is serious to prevent the state-owned banks and financial institutions from the growing threat of cyber attacks. In this endeavour, it has asked the central bank to craft more regulations so that banks can prevent any kinds of attempted cyber heist involving the use of fraudulent SWIFT messages.
The same technique was applied to launder US$81 million in February’s massive cyber theft from a reserve account of Bangladesh Bank held with the US Federal Reserve Bank. The cyber heist through using SWIFT messaging system has sent tremors through the global financial industry as well as Bangladesh. So, we expect public financial institutions to implement strong controls in their IT systems in line with best global practices that include maintaining a high level of security for their critical IT systems, such as SWIFT. “The government has also asked the state-owned banks to elevate their information technology standards aligning with international norms. All these will boost their cyber defenses,” he said.
The government has taken a massive plan to maintain a high level of cyber security in public banks following recent cyber heist in Bangladesh Bank using the SWIFT financial messaging system.
Under the plan, the government will implement a project naming ‘Modernisation of state-owned financial institutions’ at an estimated cost of Tk 1,600 crore.
The World Bank (WB) will provide financial assistance to Bangladesh government for implementing the project.
A special unit of Bank and Financial Institutions Division (BFID) under the Ministry of Finance will implement the project in five years, officials said.
“We have already completed negotiation with the WB for the financing of the project. It is expected to be launched on December 1 and to be completed by 2021,” a senior BFDI official told The New Nation on Monday, requesting anonymity.
According to him, the global lender has assured of providing Tk 1,185 crore under the project. The board of the bank has already approved the fund.
“The rest of Tk 415 crore will be provided from the national exchequer,” he added. The BFID has finalized the project after careful assessment and sent it to the Executive Committee of the National Economic Council (ECNEC) for its approval.
“We hope the project will get the ECNEC nod soon,” said the BFID official. When asked, the official said, the main objective of the project is to strengthen cyber security in 11 public banks. It will assist them to install modern IT infrastructure in their critical electronic networks, enhancing their capabilities to detect cyber attacks and thereby taking effective preventive measures.
“Individual financial institution has already taken measures to fend off cyber heists and minimize damage after any systems breach from financial messaging system. The government’s new project will help them beef up the cyber security further,” he noted. He further said the government is serious to prevent the state-owned banks and financial institutions from the growing threat of cyber attacks. In this endeavour, it has asked the central bank to craft more regulations so that banks can prevent any kinds of attempted cyber heist involving the use of fraudulent SWIFT messages.
The same technique was applied to launder US$81 million in February’s massive cyber theft from a reserve account of Bangladesh Bank held with the US Federal Reserve Bank. The cyber heist through using SWIFT messaging system has sent tremors through the global financial industry as well as Bangladesh. So, we expect public financial institutions to implement strong controls in their IT systems in line with best global practices that include maintaining a high level of security for their critical IT systems, such as SWIFT. “The government has also asked the state-owned banks to elevate their information technology standards aligning with international norms. All these will boost their cyber defenses,” he said.
