Bangladesh Bank at great security risk

Tue, February 18, 2020
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Bangladesh Bank at great security risk
Published : 27 Mar 2017, 20:24:41
Bangladesh Bank at great security risk
Moushumi Islam
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The security system of Bangladesh Bank is not secure enough since it is being run by the age-old server. Though works on upgrading technology started, it is yet to end. Even a year after the bank's reserve account heist, the procurement process for technological security is still underway. This apart, many an electronic gadget including server, router, storage and firewalls were expired, they are not replaced as yet.
The heist had left the world stunned around 13 months ago when $101 million was stolen hacking extreme cyber security at the Federal Bank of US. With the impact still in the air, the central bank once again faced yet another hack. This time around its foreign exchange policy department's email account was hacked due to slack cybersecurity. 
BB authorities recently prepared an updated report on the bank's technological and IT security, which suggested recovering the stolen money and beefing up cyber security.
According to the report, some sensational electronic devices were installed in the bank in 2008. But, even after those got expired, they are yet to be replaced by new ones. In such a situation, a new data centre of the central bank will be inaugurated next month, removing information saved in 4,000 desktops and laptops, and withdrawing old server, router, switch and firewall.
In order to keep the bank's IT sector protected, approved devices were installed with media access control binding. Wireless network was banned and USB devices are being dysfunctioned in phases. In addition, BB is also working on adopting a complete and adaptable IT policy, separate networking system for all international transaction, upgrading cybersecurity, appointing chief information officer and reforming SWIFT system. 
Automation in BB was bolstered in  1990. After that, Bangladesh Automated Clearing House and Online Credit Information Bureau was formed in 2009, while Real Time Gross Settlement was implemented six years later. 
State-of-the-art server, network device and date storage will be installed by May, while work on setting up a new data centre will be finished in April, the report adds, saying, process on data recovery updating that had begun in 2015 is still going on. 
Dr AB Mirza Azizul Islam, finance adviser to former caretaker government, told reporters that a committee has to be formed to examine if the measure against the cyber crime is correct. He also suggested technical support from international tech agencies.
Talking about the latest hack, Finance Minister AMA Muhith in Sylhet termed the incident a conspiracy from home and abroad. He said that the hacking took place because of a lacking in proper security measures following the reserve heist.

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