Bangladesh Bank warns banks and financial institutions against cyber attacks

The Bangladesh Bank has issued out a comprehensive 11-point instruction in a situational alert, urging all banks and financial institutions to bolster their cyber defences. This move comes on the heels of a recent cyber threat targeting the country's cyber sphere, with potential implications for critical state information infrastructure (CII), including banking, healthcare, and government operations.

The Government's Computer Incident Response Team (BGD e-Gov CIRT) had earlier sounded the alarm, issuing a cybersecurity alert in response to a hacker group's threat to strike on August 15. The threat highlights the urgency for organisations to adopt preemptive measures, potentially curbing the impact of small or medium-scale cyber attacks.

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The Bangladesh Bank mandates constant monitoring of network infrastructure, particularly during non-office hours, to promptly detect unauthorised data extraction. Controlling access to websites is another recommended tactic, aimed at minimising vulnerability to cyber intrusions. According to release sent out to all relevant financial institutions in the country, the Bangladesh Bank advises adherence to the latest directives from the Open Web Application Security Project (OWASP). 

To create a robust cybersecurity shield, the BGD e-Gov CIRT offers a series of practical recommendations for concerned organisations. These include the deployment of vigilant firewalls to scrutinise incoming HTTP/HTTPS traffic, effectively filtering out potentially malicious requests and patterns. Safeguarding critical services such as DNS, NTP, and Network Middle Box is also highlighted, along with the need to validate user input.

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In addition, institutions are urged to implement routine website backups, alongside the integration of HTTPS with SSL/TLS encryption, fortifying digital communication channels. BGD e-Gov CIRT also recommends immediate reporting of suspicious activity to minimise loss or damage.