Global cybersecurity firms offer products to local banks

At least half a dozen global cybersecurity companies are offering their products to Bangladeshi banks after the recent spate of frauds in the country’s banking sector that have exposed the vulnerabilities.

“We see different companies are coming up with their products after the recent cyber frauds in the banking sector,” said Syed Masodul Bari, vice-president of Chief Technology Officers’ Forum, a platform for the IT heads of banks.

Bangladesh’s banking sector was rocked in February after six fraudsters, including one foreign national, forged bank cards to steal about Tk 25 lakh from ATMs and point-of-sales terminals.

After that came the news of cyber heist of $101 million from the Bangladesh Bank’s account with the Federal Reserve Bank of New York. The theft also took place in February.

Companies like Cisco, IBM, FireEye, HP and Dell have been trying to sell their products in Bangladesh, according to bankers.

“Many companies are knocking at our doors and showing us their products,” said Abul Kashem Md Shirin, deputy managing director of Dutch-Bangla Bank Ltd, one of the tech-savvy banks in the country.

Shirin said DBBL is equipped with preventive measures, including the next generation firewall that can prevent malware or intrusive software from entering the system.

“Recently officials of FireEye came to us with their products, but we wanted to know what new and robust products the firm has,” he added.

Prime Bank, which is a second generation private bank, is also assessing its needs to ensure cybersecurity for its customers, who are increasingly making purchases online.

“We are assessing what we have and what we need to incorporate to prevent cyber frauds,” said Ahmed Kamal Khan Chowdhury, managing director of Prime Bank.

Chowdhury said the problem is that local companies have no experience in this area.

Bari of the CTO Forum, however, cautioned banks not to go for inferior products just to save some money. “Banks should buy tested cybersecurity products from recognised companies,” he said.