It is needless to say that computer systems have now become integral to the daily functioning of business, organization and individual. Hence, we often place our important information on them. Since societies and governments are becoming more reliable with respect to information technology, they are also becoming vulnerable to all sorts of cyber threats. And that’s why information revolution is often termed as a double-edged sword.
Over the last several years, we not only have gained huge success in ICT sector but also experienced several instances of cybercrimes. We have experienced misuse of social media driven by propaganda and unauthentic information. Moreover, identifying the actual source of wrongful activities remained a challenge for developing countries, laying importance on access of the developing countries to the technologies and information to detect such evil activities. In this regard, mechanisms so far used for cyber security should be made more inclusive, and the question of rights and freedom in cyberspace needs to be duly addressed as well.
On the other hand, 28 percent banks of the country have no preparation to protect from any possible cyberattack, 34 percent have partial arrangement while the rest are well-off in facing any cyberattack as reported by this daily on Sunday. The report tells us that several banks are yet to comply with the directions despite strict guidelines from Bangladesh Bank (BB) over establishment of IT Governance and IT Security for all banks in the country. Ergo, it is time for all the private and public banks to allocate a certain portion of annual income for ICT budget for IT service in the banking system and to spend this budget for ICT infrastructure development and manpower training.
Experts are of the opinion that Bangladesh has sometimes neglected cybersecurity because of the absence of stern and effective cybersecurity regulatory norms. It is disgraceful to note that some basic guidelines and recommendations have been issued by BB but they are still away from international standards.
It is alleged that cybersecurity has not been properly addressed by the banking sector of Bangladesh which has made the banking information and infrastructures vulnerable to sophisticated cyberattacks. Considering the situation, we call upon the bank authorities to think how to involve IT to minimize the cost and increase the efficiency, and how to provide better services to the customers ensuring reliability, safety and security. Otherwise, banks may face IT risks as well as business risks.
Considering the emerging number of online users and continued efforts on affordable access, cybersecurity needs to be integrated in every aspect of policy and planning. Also, there is a need to play an effective role in making the digital world safer and continue its work on norm setting for information security.