Commercial banks yet to reach expected cybersecurity level: BB governor

A recent cybersecurity drill found vulnerabilities that could have posed serious risks to major banks, Bangladesh Bank Governor Md Mostaqur Rahman said today (4 August), adding that commercial banks are still short of the expected level of cybersecurity preparedness.

Speaking at the inauguration of the Cyber Incident Reporting System and the National ICT and Cyber Security Rating System at the BCC Auditorium in the capital's Agargaon, the governor said a cybersecurity drill conducted in late June had identified vulnerabilities that could have posed serious risks to major banks or financial institutions.

"The country's transition towards a digital economy has kept us in a constant state of concern over cybersecurity," he said.

Mostaqur said Bangladesh Bank participated in the cyber drill to assess the banking sector's security readiness. The exercise uncovered "one or two vulnerabilities" that, if left unaddressed, could have resulted in a major cyber incident.

Photo: UNB

"We are moving towards a digital economy, talking about building a cashless society, and expanding transactions through QR codes," he said, expressing hope that the newly launched Cyber Incident Reporting System would help provide early warnings against cyber threats in the banking sector.

The governor also thanked the National Cyber Security Agency for supporting the initiative.

Speaking at the same event, Prime Minister's Adviser on Posts, Telecommunications and Information Technology Rehan Asif Asad said cyberattacks were likely to become more frequent rather than decline.

He also said the data security systems of government institutions remain at a primary stage and stressed the need for stronger coordination between the government and the private sector to improve cybersecurity.