The Bangladesh Bank has instructed non-bank financial institutions (NBFIs) to ensure cyber security to avert any possible cybercrimes.
In a circular issued on Monday, it asked NBFIs to comply with its guideline in this regard.
According to the newly issued guideline, each NBFI must have a cyber security management team, which would be responsible to place the organisation's ICT security and data backup update before the board of directors on a regular basis.
Also, NBFIs must ensure to keep a backup of their data at the end of every working day.
When asked, a central bank official told The Business Standard cyber risks in banks and NBFIs have risen alarmingly in recent times and that is why the instruction to heighten cyber security measures was given.
Legal actions will be taken if any NBFI does not follow the central bank's guidelines.
Commenting on the matter, Md Kyser Hamid, managing director of BD Finance, said according to the cyber security guidelines of the Bangladesh Bank, all NBFIs have to submit their cyber security policies to the central bank.
Almost all NBFIs submitted their policies, except for some, forcing the central bank to issue the circular, he added.