United News of Bangladesh

A cybersecurity drill conducted in June uncovered vulnerabilities in the banking sector that could have led to a major cyber incident, Bangladesh Bank Governor Md Mostaqur Rahman said on Tuesday. He said the country's transition towards a digital economy has kept the authorities in a constant state of concern over cybersecurity. The central bank governor was speaking at the inaugural ceremony of the "Cyber Incident Reporting System" and the "National ICT and Cyber Security Rating System" at the BCC Auditorium in Agargaon. He said the central bank took part in a cyber drill in late June to assess the security preparedness of the banking sector. The drill identified one or two vulnerabilities that could have posed serious risks for major banks or institutions, Mostaqur said. "We are moving towards a digital economy, talking about building a cashless society, and expanding transactions through QR codes," he said, expressing hope that the newly launched Cyber Incident Reporting System will play a significant role in generating early warnings for the banking sector. The central bank chief thanked the National Cyber Security Agency for its support in the initiative. He said the country's commercial banks have yet to reach the expected level of cybersecurity preparedness, adding that this shortfall remains a matter of concern for Bangladesh Bank. Speaking at the same event, Prime Minister's Adviser on Posts, Telecommunications and Information Technology Rehan Asif Asad said cyberattacks will not decline in the future but rather increase. He said the data security systems of government institutions are still at a primary stage, and called for coordinated efforts between the government and the private sector to strengthen them further.