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Bangladesh Bank directs all financial institutions to bolster cybersecurity posture

Non-bank financial institutions should collect aggregate ledgers, databases, and backups at least at the end of each working day to ensure that they are properly maintained as per the guidelines.

Dhaka — The Bangladesh Bank (BB) has urgently directed to ensure cybersecurity in non-bank financial institutions. On Monday, the Financial Institutions and Markets Department of Bangladesh Bank issued a circular in this regard and sent it to the Chief Executive or Managing Director of all the financial institutions operating in the country.

The circular said that every financial institution should form a cybersecurity management team to ensure regular backup of cybersecurity and database. The Cyber Security Management Team is required to present the overall status of the organization related to ICT security and system backup at regular board meetings.

Non-bank financial institutions should collect aggregate ledgers, databases, and backups at least at the end of each working day to ensure that they are properly maintained as per the guidelines.

Above all, every financial institution must ensure compliance with the Guidelines on ICT Securities for Banks and Non-Bank Financial Institutions introduced in 2005 and revised in 2010 and 2015 to effectively and efficiently address the IT risks of banks and financial institutions.

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