Immature information security culture leads to cracks in cyber security: Experts

Immature information security culture is the “prime cause” of cracks in cyber security, speakers at a seminar have said.

Cyber criminals were dubbed ‘determined bunch’ who are out to crack the security of high-value financial institutions like banks or the intelligence agencies.

The IFC, a member of the World Bank Group, organised the daylong regional seminar on cyber security in Dhaka on Wednesday with the support of Luxemburg, according to a statement issued on Thursday.

SK Sur Chowdhury, Deputy Governor of the Bangladesh Bank, was present as the chief guest at the seminar and underlined the necessity to automate all sectors in order to safeguard information plus financial transactions.

“Cyber criminals are a determined bunch,” he said, adding that “they thrive on persistence and while we are trying to introduce new security measures, cyber criminals are not solely relying on outdated methods to swindle people.”

 “Therefore, we must be ahead of the vice circles at all times.”

Speakers also stressed on ‘spoofing’ and ‘phishing’ – two widely used methods, masquerading as non-damaging emails, used pervasively to hoodwink innocent people into handing out their personal plus financial details.

The approach for heightened cyber security must have a three-pronged approach - aiming people, process and technology, underscored Shrimant Tripathy, head of IT Risk & Security Advisory of the World Bank Group.

While talking about current cyber security breaches, he noted that 89 per cent of security infiltrations had either financial or espionage motives.

“In 2015, there have been 84 million new malware samples.”

Also, Cyber-security is not an IT-only issue, but an enterprise-wide issue, requiring a risk management approach, observed Tripathy.

It was revealed that, on average, 170 days are required to detect malicious activity.

Senior management or the board has a fiduciary responsibility to understand and oversee how their organisations are managing cyber security risks, stated David Ray, Senior Officer, IT Risk and Security Advisory of the World Bank Group.

CEO of bKash Limited Kamal Saiful Quadir, Bangladesh Bankers Association President Anis A Khan, Nepal Bankers Association President Upendra Poudyal, Nepal Rastra Bank Director Shiva Ram Dawadi, and IFC Global Manager for Financial Institutions Group Ariane Di Iorio Andrade Ferreira were present, among others.