Understanding needed to thwart data security threats: ICCB

Strong understanding of criminal operation and risk management is crucial for financial institutions as fraud and data security threats are emerging in many forms and channels, said Mahbubur Rahman, president of the International Chamber of Commerce (ICC) Bangladesh.

"With knowledge, along with a strategic plan, there is a better chance of mitigating risk and recognising attacks before they do serious damage to institutions," he said.

Rahman was addressing the closing ceremony of an ICC workshop on "Changing Faces of International Trade Fraud: Current Risks, Prevention & Responses" in Dhaka on Tuesday.

"In some cases, this may mean investing in new technologies; in others, bridging organisational silos and training staff. In all cases, it requires taking steps that help improve your institution's ability to detect threats before they reach your customer," he added.

Md Fazlul Hoque, ICCB executive board member; P Mukundan, director and chief of ICC-Commercial Crime Services, who conducted the workshop, and Ataur Rahman, secretary general of ICCB, spoke at the programme. 

A total of 193 participants from 37 commercial banks attended the workshop in Dhaka whereas another 74 participants from 29 commercial banks attended a second session in Chittagong yesterday.