The experienced businessman warns against the need to be vigilant against oncoming cyber threats in the new IT oriented business landscape.
Running a business is all about taking on risks but this also includes the mitigation of risks as much as possible. IFIC Bank Limited was set up at the instance of the Government in 1976 as a joint venture between the Government of Bangladesh and sponsors in the private sector with the objective of working as a finance company within the country and setting up joint venture banks/financial institutions aboard. In that respect, it is the first Bangladeshi born global banking & financial institution.
Banking has taken a new turn this millennium and the new generation of bankers have grasped this very well. We, at IFIC (International Finance Investment and Commerce) Bank Ltd. have taken the initiative to accept and adopt the positive sides of Information Technology (IT) which is a must to keep up with the ever changing global landscape. The entire financial sector has now embraced the importance of developing their involvement with the IT sector and it is also encouraging to see our Central Bank accepting this change. However, the challenges still remain in ensuring cyber security.
All bankers, old and new, know of the change in the horizon but if the necessary security measures are not taken then we will put the whole financial sector at risk. We need to make regulations and guidelines accordingly and adhere to them strictly. At IFIC Bank Ltd. preparations have been taken for better risk management as we run the risk of losing out on our profits if we do not perceive the dangers from the cyber threats clearly. Hands-on as well as conceptual training regarding software implementation and manipulation is being provided so that our people can mitigate any oncoming money laundering or fraudulent threats from the cyber world.