Bangladesh Bank issues cybersecurity alert for banks, financial institutions

Bangladesh Bank has issued an alert warning banks and financial institutions of possible cyberattacks and urged them to take precautionary measures.

In a press release signed by SM Tofael Ahmad, Additional Director of the central bank’s ICT department, the central bank said that future cyberattacks could disrupt critical information infrastructure (CII), banking and financial services, healthcare as well as public and private sector operations.

Citing various sources, the central bank noted that banks and financial institutions might become targets of cyberattacks. Institutions have been urged to strengthen their systems in advance, particularly against small and mid-level threats.

In the notification issued on Wednesday, Bangladesh Bank recommended that all banks and financial institutions update patches on their servers, databases and systems.

Additional recommendations include shutting down unnecessary portals, enforcing least privileged access, implementing the 3-2-1 strategy for data backup and restoration and enabling multi-factor authentication (MFA) for critical systems.

The central bank also instructed institutions to act promptly if any irregularities are found in their IT systems.

This involves deploying Security Information and Event Management (SIEM) systems and Network Intrusion Detection Systems (NIDS), among other protective measures.

To detect and prevent threats, Bangladesh Bank advised the use of Endpoint Detection and Response (EDR) antivirus software, along with regular updates of threat signatures. IT teams have been directed to remain vigilant at all times, ensuring they are prepared to respond promptly in the event of a cyberattack.

The central bank also stressed the need to report any suspicious logins, unauthorised file or data modifications to relevant authorities without delay. Banks have been asked to closely monitor external connections and to restrict and review remote access, VPNs and privileged accounts.

Besides, all banks and financial institutions have been instructed to establish 24/7 monitoring of their Security Operation Centers (SOCs) with adequate manpower.

Emphasising the need for operational resilience, Bangladesh Bank urged institutions to maintain a robust fallback system, including regularly updated Business Continuity Plans (BCP) and Disaster Recovery Plans (DRP).