According to the conclusions of a study by the Bangladesh Institute of Bank Management, cybersecurity is now a major source of concern for the banking industry, with 52 percent of institutions in the country facing high cyber threats (BIBM). The banking sector in the country has seen a significant digital transition thanks to heavy investment in information technology (IT), but spending on cybersecurity and IT training remain inadequate, leaving most banks in danger of cyberattacks, according to the report.
Md Mahbubur Rahman Alam, associate professor of the BIBM, presented the study’s findings on Sunday, the first day of a two-day cybersecurity symposium hosted in a downtown hotel. The Association of Bankers of Bangladesh (ABB) has hosted the country’s first-ever cybersecurity summit, inviting local and international professionals to delve further into the major concerns facing the banking sector.
According to the BIBM analysis, China is responsible for the majority of the attacks at 24 per cent followed by Russia 12 per cent, and North Korea at 13 per cent. According to the survey, the SWIFT system accounts for 72 percent of total online frauds in terms of value, while banking software accounts for 20 per cent of frauds and other digital channels such as mobile banking, internet banking clearing, and ATM account for the remaining 20 per cent. One of the primary flaws that put banks at risk of cyber attacks is a lack of in-house IT knowledge. Banks are experiencing a scarcity of IT-skilled personnel as a result of lower spending on IT training and security systems.
The report also discovered that suppliers are the primary perpetrators of cyber security breaches, with bank personnel coming in second. IT improves efficiency and productivity, which has an impact on bank profitability, according to the study report.
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