Bangladesh Bank to set up cybersecurity unit
Bangladesh Bank is creating a new cybersecurity unit to monitor its information technology and detect system loopholes. The move comes following an embarrassing attack on the country's foreign exchange reserve in February this year, in which hackers stole $81m of an attempted $1bn. Operated by the IT Operation and Communication Department, the new unit will also ensure the banking sector's intra and inter-bank transactions are conducted securely. A Bangladesh Bank official said the unit would be operational as soon as possible.

Bangladesh Bank has taken a decision to form a dedicated cyber security unit to tackle cyber related fraudulent acts in its information technology system.

The executive management team of the central bank took the decision in its meeting in the last week of September, a BB official told New Age.

He said that the central bank had taken the decision amid huge criticism from different corners after the country’s foreign exchange reserve heist, he said.

The central bank’s new unit will monitor the security system of its information technology system, he said.

The cyber security unit will also detect the loopholes of the central bank’s IT system, he said.

The unit will play a role in strengthening the existing fire wall of the central bank’s information technology system so that the hackers will not be able to attack its (BB) system.

‘Seven to eight officials will be appointed in the new cell. The central bank will open the new unit in the shortest possible time’, he said.

The central bank’s IT Operation and Communication Department will operate the new unit.

The new unit will also monitor the cyber security of the country’s banking sector so that the intra and inter-bank transactions of the banks will be operated securely, the BB official said.

Unknown hackers tried to steal nearly US$ 1bn from the Bangladesh Bank’s account at the Federal Reserve Bank of New York in early February. They succeeded in transferring US$ 81m to four accounts at Rizal Commercial Banking Corporation in Manila.

The BB official hoped that the new unit would be able to prevent such type of hacking incidents.

The country’s banking sector also faced skimming fraud in February of this year.

Some unscrupulous people withdrew depositors’ fund from some ATM booths of the banks by using skimming device which created a panicky situation among the clients.

The BB officials said that the new unit will try to detect such type of vulnerability in the banking sector to avoid fraudulent activities.

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