Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Monday, August 20, 2018 10:44:22 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Banks' number one task is to secure client's deposit

By
09th-Aug-2018       
Comments
Share your thought
Post a comment »
Read all () »

COUNTY'S 52 percent banks are facing cyber security risks. According to a survey report of Bangladesh Institute of Bank Management (BIBM) a huge number of banks ran the risk of breach in their information management security system in 2016, of which 16 percent were at the highest risk level.
It said a major portion of IT budget of those banks is being used to procure hardware. The portion of expenditure for hardware was 40.4 of the IT budget in 2016. The second highest amount of IT budget went to the software sector; and the spending on security, training and audit was very poor in the last six years. Total number of employees working in the IT department is not sufficient and they are under tremendous stress.
The IT governance (ITG) is gaining importance in the banking sector due to its increasing reliance on technology to conduct their operations, gain customers' satisfaction and improve cost efficiencies. But banks should give proper attention to follow appropriate guidelines, standards and framework to successfully implement ITG that include protection against hacking and other form of theft. Successful implementation of ITG will also help in achieving sustainable business and offer new innovative products and services to their clients.
In view of the growing threat to cyber security banks' budget for such security system should be increased by around 60 percent. We can remember the reserve heist of Bangladesh Bank last year that took away $81 million from its New York Federal Reserve Bank account. After that incident most banks are spending a lot to purchase foreign software to ensure security; but they have failed to become risk free yet. If banks use uniform software to reduce cyber risks and financial damage, it could bring a positive result. In that case, the banks can appoint IT specialist in their audit team.
The management of banks should keep it in their mind that they are not owners of the bank, but caretakers of public deposit. So protection of people's deposit should be their number one task.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Growing violence in hills: No serious investigation into the killings


Seven people, including three leaders of United People's Democratic Front (UPDF), were killed and six others injured in two gun attacks in Khagrachhari town on Saturday. With these, 33 people have so far been killed in violence in Rangamati and Khagrachhari this year. The UPDF alleged that it was a ...

Entertainment »

I like to do something that challenges me: Jennifer Winget


Bepannaah actress Jennifer Winget likes to challenge herself with each of her projects. “I like to do something that challenges me. I like to do something different from my previous characters,” Jennifer told IANS. “I have been fortunate enough to be offered characters and projects that challenge me and that ...

City »

Dhaka South City Corporation (DSCC) Mayor Sayeed Khokon speaking at a gathering of cleaners on quick disposal of wastes of sacrificial animals yesterday.


.

International »

Russian President Putin steals the show at Austrian FM`s wedding


Reuters, Vienna :Russian President Vladimir Putin danced arm-in-arm with Austria's foreign minister Karin Kneissl at her wedding on Saturday, after receiving an invitation that opposition critics said undermined the West's stance against Moscow.Mr Putin arrived in a car carrying a bouquet of flowers and accompanied, local media said, by a ...

Editorial »

Sanctions by USA and European Union are welcome but more effective measures will be needed


IN the latest development, the US Treasury on Friday slapped sanctions on four Myanmar military and police commanders and two army units for involvement in "ethnic cleansing" and other human rights abuses against the country's Rohingya minority. In response to Myanmar's crackdown on the Rohingyas, the sanctions are so far ...

Sports »

Bolt arrives in Australia on football quest


Usain Bolt says he's deadly serious about becoming a professional footballer and plans to show the world what he's capable of after arriving in Australia Saturday for a trial stint with an A-League club.The superstar athlete has been given the chance to prove his worth by the Central Coast Mariners, ...

Entertainment »

Sonali Bendre`s son posts an emotional message


Family and close friends of Bollywood actress Sonali Bendre have come out as the biggest support in her journey of fighting cancer. The actress who has been diagnosed with high-grade cancer is undergoing her treatment in New York. Being a true fighter, Sonali has not shied away from sharing her ...

Entertainment »

Poet Shamsur Rahman's 12th death anniversary observed


Entertainment Desk : The 12th death anniversary of Shamsur Rahman, one of the major poets in modern Bengali literature, was observed on Friday in a befitting manner.Marking the anniversary, different socio-cultural organisations placed wreaths at the grave of the poet at Banani graveyard and arranged Doa Mahfil.Jatiya Kabita Parishad and Kabi ...

City »

BNP Vice-Chairman Advocate Khondkar Mahbub Hossain speaking at a discussion on 'Next National Election Under Interrogation Without Reform of Election Commission' organised by 'Chetona Bangladesh' at the Jatiya Press Club on Saturday.


International »

Ex-CIA directors issue unprecedented Trump condemnation


AFP, Washington :Former CIA directors and another half dozen of America's most senior spies have issued an unprecedented condemnation of President Donald Trump, after his decision to blacklist their colleague John Brennan.In a statement, ex-CIA bosses appointed by Republican and Democratic presidents - including Robert Gates, George Tenet, Porter Goss, ...

Editorial »

US editors slam Trump for exerting power over free press and strength of democracy


THE rebuke of the US President Donald Trump by over 350 US dailies and other media outlets in their editorials on Thursday has come as a coordinated response to Trump's dirty war against the media and in defense of the press freedom. His sustained attack on free media as 'fake ...

Sports »

Serena learned just before Konta loss that half-sister's killer had been freed


Serena Williams says she discovered just minutes before her match against Johanna Konta last month that the man convicted of killing her half-sister had been released on parole.Briton Konta inflicted the worst defeat of Williams' career by winning 6-1 6-0 in the first round of the Silicon Valley Classic in ...

City »

Convenor of Jatiya Oikya Prokriya Dr Kamal Hossain, among others, at a solidarity meeting organised by prokriya at the Jatiya Press Club on Friday demanding unconditional release of students who were arrested during quota reform movement.


Entertainment »

Radhika Apte gears up for her upcoming project in Mumbai


Radhika Apte who has been juggling multiple projects efficiently is in Mumbai currently promoting her upcoming series on an OTT.  The actress has a lot on her plate as she's currently promoting her upcoming Netflix original Ghoul which is her third project with Netflix followed by the success of her ...

Chittagong »

PSC Chairman expresses dissatisfaction


Sarwaruddin, Chattogram Bureau :Chairman of the Parliamentary Standing Committee (PSC) on Ministry of Railway ABM Fazle Karim Chowdhury MP expressed dissatisfaction over the irregularities, corruptions and mismanagement in Railway East Zone . The dissatisfaction over the activities in East Zone office was expressed on Thursday while exchanging views with the ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news