Dhaka:Bangladesh Bank (BB) is preparing to introduce an Artificial Intelligence (AI)-based cybersecurity policy aimed at assisting banks and financial institutions in addressing the growing cyber threats associated with the rapid advancement of AI and other technologies.
According to Bangladesh Sangbad Sangstha, the central bank has established a committee composed of government and Bangladesh Bank officials, private sector representatives, university educators, and IT experts to develop a policy that addresses the evolving cybersecurity needs of the country's financial sector.
The forthcoming policy is designed to offer guidelines for scheduled banks and financial institutions, enhancing their IT infrastructure, improving threat detection, and updating security measures to counter increasingly sophisticated cyberattacks. Muhammad Zakir Hasan, executive director of Bangladesh Bank's Information and Communication Technology (ICT) department, stated that banks would update their IT systems According to new guidelines.
The central bank has already issued comprehensive cybersecurity guidelines, and its trained team of cybersecurity professionals continuously monitors threats, emphasizing that cyber risk management requires constant vigilance. Although no significant cyber incidents have been reported in Bangladeshi banks, the global nature of cybersecurity concerns underscores the need for robust defenses.
Bangladesh Bank's broader initiative includes a recently issued Cybersecurity Framework, Version 1.0 (2026), which mandates the implementation of cybersecurity measures by December 31, 2026. The framework covers various aspects, including risk management, governance, and staff training, and aims to enhance the financial sector's preparedness and resilience against cyber incidents.
The increasing use of AI presents both opportunities and challenges for financial institutions. While AI can aid in analyzing data and detecting suspicious activities, it also poses risks as malicious actors may exploit the technology for cyberattacks. Consequently, financial institutions must bolster their security measures and governance practices.
The proposed AI-based policy will provide a regulatory foundation for reviewing existing systems and adopting appropriate security measures, depending on the committee's recommendations. The recent temporary shutdown of Bangladesh Bank's website following a cybersecurity alert highlighted the importance of precautionary measures and continuous monitoring.
The effectiveness of the policy will rely on its implementation across institutions with varying technological capacities. Investments in modern security solutions, skilled personnel, and continuous training will be crucial. Financial institutions must also assess the security of third-party services to mitigate risks.
Abdul Quaium Chowdhury, additional managing director of South Bangla Agriculture and Commerce (SBAC) Bank PLC, emphasized the bank's commitment to strengthening cybersecurity infrastructure in line with Bangladesh Bank's guidelines. He highlighted the importance of continuous monitoring, staff training, and cooperation between banks and the central bank to ensure secure digital financial services.
As digital banking and interconnected technology platforms become more prevalent, safeguarding these services is essential for maintaining public confidence and ensuring the resilience of the financial system. The proposed AI-based cybersecurity policy, together with the existing framework, represents a significant step towards enhancing the security of Bangladesh's financial sector amidst evolving digital threats.