BB to introduce AI-based cybersecurity policy soon

Bangladesh Bank (BB) is set to introduce an Artificial Intelligence (AI)-based cybersecurity policy to help banks and financial institutions tackle emerging cyber threats arising from the rapid advancement of AI and other new technologies.

The central bank has already formed a committee comprising government and Bangladesh Bank officials, private sector representatives, university teachers and IT experts to formulate a timely policy suited to the evolving cybersecurity needs of the country's financial sector.

The proposed policy is expected to provide necessary guidelines for scheduled banks and financial institutions to strengthen their information technology (IT) infrastructure, improve threat detection and update security arrangements in response to increasingly sophisticated cyberattacks.

"We will formulate the policy soon and give necessary guidelines to the scheduled banks and financial institutions. As per the guidelines, banks and financial institutions will update their IT," Muhammad Zakir Hasan, executive director of Bangladesh Bank's Information and Communication Technology (ICT) department, told BSS.

Regarding the existing cybersecurity arrangements in the financial sector, he said Bangladesh Bank had already issued comprehensive guidelines for banks and financial institutions, which had taken steps to strengthen their security systems.

Hasan said the central bank had a trained team of cybersecurity professionals monitoring threats, adding that cyber risk management is a continuous process requiring constant vigilance and updated security measures.

He said the recent cybersecurity concerns were a global issue, although Bangladeshi banks had not faced any related problems so far.

Source: BSS