Cybersecurity Evolution in Bangladesh's Banking SectorExecutive Director of Central Bank Describes the Security Measures Taken by Banks
Debdulal Roy, executive director at Bangladesh Bank, the country's central bank, describes its efforts to collaborate with others to help protect the banking industry from further attacks.
Roy says that Bangladesh Bank is taking several initiatives to ensure cybersecurity preparedness among critical infrastructures in the country. For instance, the bank, along with the government, has come out with policies and strategies to protect the critical infrastructures in the country.
In February 2016, hackers stole $101 million from Bangladesh Bank's Federal Reserve Bank of New York account and move it into five accounts held at Rizal Commercial Banking Corporation in the Philippines via the SWIFT interbank messaging network. Since that incident, Roy says, banks in Bangladesh have begun investing in newer cybersecurity technologies. "Some banks have also deployed recently SIEM solutions as well as PAM solutions. Some banks have also started to deploy a SOC," Roy says in an interview with Information Security Media Group.
In this interview (see audio link below photo), Roy also discusses:
- The cybersecurity roadmap for Bangladesh Bank;
- The cybersecurity maturity of banks in the nation;
- How banks are mitigating risks tied to the COVID-19 pandemic.
Roy, executive director at Bangladesh Bank, has participated as an international speaker at Bank Indonesia and National Banking Institute in Nepal. He has completed training in cyber defense for banks.