Banks facing increased risk of cyberattacks: Cenbank

The Bangladesh Bank has urged all banks and financial institutions to implement stringent security measures for increased risk of cyberattacks.

Bangladesh Cyber Security Intelligence (BCSI) has detected a significant increase in unauthorised transactions using dual currency cards linked to Facebook ad managers, the central bank's Information and Communication Technology Department said in a letter issued to all banks recently.

"These illicit activities have resulted in financial losses for numerous customers. Cybercriminals are exploiting social media platforms to target unsuspecting individuals and carry out fraudulent activities."

The Bangladesh Bank emphasised the global surge in cyber threats and expressed concerns about the growing vulnerability of the country's banking system.

The central bank said banks have been reporting frequent malware attacks.

In response to the escalating threat, the central bank has outlined 17 essential security measures that banks must implement immediately, the letter added.

The key security measures include implementing robust authentication, like biometrics and OTPs, and using AI to detect irregular transaction behaviours, such as BIN attacks. Sensitive information, like BIN numbers, should be securely managed and shared minimally.

Employee training on phishing prevention, as well as maintaining updated firewalls and access controls, is crucial.

Banks are advised to have a detailed incident response plan for data breaches, use continuous network monitoring, and collaborate with other institutions to exchange threat intelligence and best practices.