Banks need to install BB-prescribed ‘Security Operation Centre (SOC)’: experts


20th October, 2020 07:43:54 printer

Banks need to install BB-prescribed ‘Security Operation Centre (SOC)’: experts

Bangladeshi banks need to adopt advanced cyber security systems in line with the regulatory guidelines amid concern that the infrastructures in the country’s banking sector dangerously lag behind, observed cyber security experts, banking sector officials, policymakers and lawyers on Tuesday.

They said that the central bank and all the merchant banks need to reinforce their effort for building skilled manpower that can deal with the latest technology like setting up of “Security Operation Centre (SOC)” to secure the banking sector from hackers as they are out to steal money by using malware and ransomware.

The issues came at a seminar on “Security Operation Centre (SOC)” in the city where top officials, chief technical officers and experts took part, said a press release.

The discussion was organized by the Backdoor Private Ltd, a Dhaka-based cyber security firm that works in the field of cyber security for the banking sector. Many others joined the session virtually and shared their experiences and asked questions regarding security challenges the banking sector currently faces.

Debdulal Roy, executive director of the Bangladesh Bank, spoke on the occasion as the chief guest.

Roy said the Bangladesh Bank issued a circular long ago and subsequently warned several times, asking the banks to install the Security Operation Centre (SOC) to secure their system, but the response from the banks was lukewarm.

“So far I know only three banks have installed the SOC but I am not sure if they are running properly. This scenario is very unfortunate,” he said. The country has about 60 banks.

“Issuing orders is not enough. We are doing our part from the central bank, but the banks should come forward to execute the decisions,” he said as he was connected to the discussion virtually.

Roy also said the banks must be aggressive to install SOC and use local firms and experts to make their system secure.

“The banks should come forward with investment for good software for the sake of the banking sector’s credibility,” Roy said.

Tanvir Hassan Zoha, a cyber security expert and the managing director of the Backdoor Private Ltd, presented his keynote paper where he explained why the country’s banking sector remained vulnerable to hacking by both local and outside hackers.

Referring to recent alerts regarding the possible hacking attempt in the country’s ATM system he said authorities and investigators should not only focus on so-called “international hackers”, but it is equally important to deal with domestic hackers.

Many of the banks’ secrets were available on the dark web and local hackers are monitoring them as part of their preparation to launch attack.

“This is dangerous. It can harm the system so we must protect the customers and the banks’ system,” Zoha said.

He said the installation of the Security Operation Center (SOC) can secure the banking system from hackers to a great extent.