Recruitment of 'ethical hackers' proposed to ensure cyber security at Bangladesh banks

In the wake of several incidents relating to technological failure in the banking sector, including that of the cyber theft of Bangladesh Bank funds, it has been proposed that ‘ethical hackers’ be recruited to safeguard the sector from similar security breach.

Bangladesh Institute of Bank Management (BIBM) Director General Toufic Ahmad Choudhury floated the idea at the two-day Annual Banking Conference in Dhaka on Sunday.

Hacking is unauthorised access to a secured data system in a computer network. Hackers can take control of the system and do whatever they want including transferring information from the system.

Hackers are being blamed for the $81 million cyber heist of Bangladesh Bank's funds at the Federal Reserve Bank of New York.

In the key note, Toufic, however, used the word 'ethical' before 'hacker' to make it clear that the hackers will be used for ethical purposes.

He presented his paper in the presence of Bangladesh Bank Governor Fazle Kabir.

"Every bank should strengthen its ICT security department… Recruitment of ethical hacker; placing a proper IT security control and monitoring system etc. are the crying need of the hour," he said.

"Surprisingly, 15 percent of the banks have no security expert in the IT team," he added.

Choudhury, however, did not address the ‘ethical question’ of recruiting such dishonest professionals, who are usually involved in cyber theft, in a professional setting like banks.

The BIBM DG emphasised ensuring security of e-banking and recommended inclusion of modern technology and recruitment of skilled manpower in the IT department of the bank.

Governor Kabir also stressed the need for ICT security in the banking sector.

"ICT security is one of the biggest challenges in the banking sector now, and in the future. This challenge has to be overcome to ensure green, sustainable and inclusive development," he said.

He emphasised necessary training of IT staff members of the banks.