Cyber-security systems of banks seen not failsafe

A record number of both Bangladeshi public and private banks are currently in peril of unprecedented cyber-attacks mainly for their indifference and fragile cyber-security systems, prompting experts to suggest immediate action, sources say.

Stakeholders and experts say a large percentage of banks are not taking enough precautionary measures to fend off the possible large-scale, hazardous attacks, and avert bigger financial loss, which they deemed imminent.

The malicious actors behind such trans-border invasion include not only increasingly daring criminals-such as the Carbanak group, which targeted financial institutions to steal more than $1.0 billion during 2013-18 period-but also states and state-sponsored criminal gangland, according to a 2021 report published by the International Monetary Fund (IMF).

The country has yet to measure its financial losses caused by cybercrimes–the most outrageous being the theft of its reserves from the US Fed by an international cybercrime gang.

Earlier in June 2022,…