Strengthening cyber security in the banking sector is a must, especially with regular innovations happening in the ICT sector, analysts said yesterday.

Almost all banks launched online services without taking proper precautions, and most of their IT systems are outsourced from private vendors, said Mahbubur Rahman, associate professor of Bangladesh Institute of Bank Management.

Lack of skilled manpower is a major problem in the banking sector, said Omar Farooq, head of IT at Eastern Bank.

They spoke at a programme on cyber security organised by PricewaterhouseCoopers (PwC) at Sonargaon Hotel in Dhaka.

"Around 90 percent of the banks do not have IT governance, while top management of the bank do not have IT knowledge either," Farooq said.

According to the PwC Global Economic Crime Survey 2014, cybercrime was one of the top economic crimes reported by

organisations across the world, including India.

India ranks among the top five countries in terms of number of cybercrime incidents, according to the 2013 Norton Report.

The National Crime Records Bureau in India in a PwC analysis said around 1,322 cases were reported under cybercrimes in the country in 2010 while 5,693 cases were filed in 2013, which reached 9,622 in 2014.

One could have the best banking team, but they will be unable to do anything efficiently due to lack of budget and empowerment, said Vishal Salvi, partner at PwC.

Swift decision making as well as a right strategy are both essential for protection against cyber crimes, he said.

"You have to consider your IT investment in terms of business. Cyber security is everybody's responsibility."

Bangladesh alone is not suffering from cyber threat, it is a global issue now, he said. "We need to address it jointly and find solutions for the sake of all."