The Status and Threats of Information Security in the Banking Sector of Bangladesh: Policies Required
Bangladesh Journal of MIS, Vol. 1, No. 2, June 2009, University of Dhaka, Bangladesh
27 Pages Posted: 15 Mar 2010 Last revised: 19 Oct 2016
Date Written: March 12, 2010
Information has been the greatest assets in this competitive age for any business. The success of financial institutions largely depends on the reputation in the market as these are fully service oriented institutions through protection of institutional and customer information. Especially for banks, to remain competitive and accelerate growth, adoption of new, up to date IT infrastructure is a must. Bangladesh, has witnessed a rapid expansion in the adoption of IT infrastructure with innovative tech-oriented financial products and services, and thus rapid growth in the banking industry with increased competition. Therefore, banking industry in Bangladesh is now considered as one of the fundamental industries. This paper tries to explore the state of information security, challenges in ensuring this, and suggests some policy options. The study finds that banking sector in Bangladesh are sufficiently vulnerable of different information security threats as they are already using many IT based platforms in regular business. Although almost every bank has its own ICT risk management guideline formulated by the Bangladesh Bank, yet these are not implemented with care in most cases. The sector perceives itself as vulnerable in terms of information insecurity due to varying nature of problems, and thus seeks for primarily government role to initiate a wide information security movement.
Keywords: Information, Security, Bangladesh, Financial Security, Financial Information System, Banking Information System, Banking Information Security
JEL Classification: Business Administration, IT Management M15
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