The central bank�s security is now the prime concern
Crimes of such
a high degree of
damage can surely happen anytime and anywhere, so our banking sector should now be prepared to prevent such attacks
In connection with the unprecedented heist linked to cross-border electronic funds transfer, the Bangladesh Bank Governor Dr. Atiur Rahman resigned from his post. This is the first time that a BB governor has resigned before the end of his tenure. However, given the intricate nature of the recent high-tech cyber attack coupled with the local ATM booth scams, at least one fact has become obvious: our electronic and e-banking systems have become terrifyingly unsafe, both locally and internationally.
These events have proved that the central bank failed to spearhead advanced tech-savvy protective measures to secure and deal with public money before it decided to go for on-line and e-banking options. Nevertheless, time hasnt run out to be more vigilant and accountable in this regard. Hence, lessons should be drawn from the latest mortifying events with due diligence.
Intensity of the technical damage of the recent cyber attack has appeared beyond belief. The potently harmful malware not only hacked into the BBs system, but also destroyed the system on the computers itself, which are used to make transfer orders; data even on the printers were also destroyed by it.
What is more, according to the New York based Federal Bank Reserve statement, the transfer of the money was fully authenticated by an international financial messaging system, known as Swift, clearly hinting at a security breach within the BB itself. If this fact is anyhow proven then there were insiders involved in the heist and the current possibility is progressively more focusing on the vulnerabilities in the banks internal cyber security systems.
Crimes of such a higher degree of damage can surely happen anytime and anywhere, so our banking sector should now be prepared to prevent such attacks. Of this there should not be any doubt. The sector should introduce and install up-to-the-minute crime deterrents, regularly consult and exchange technological knowledge with foreign experts, in order to guard and secure its deposits locally and abroad.
However, need of the hour is also to recover the full amount of stolen funds and punish the offenders by handing exemplary punishments. The call is for an all-out joint investigation and that too, has to be transparent in every aspect of it. In particular, the central banks transparency in investigating the cyber crime has been disputed to a large extent.
The new governor of Bangladesh Bank, Fazle Kabir, has not taken over yet. After the two recent scams Bangladesh Banks credibility has reached an all time low and the new governors task would be to recover it soon by putting serious and extra-ordinary efforts.
