Information and Communication Technology ERP Software

Question: Discuss about the Information and Communication Technology for ERP Software. Answer: Introduction: Information and Communication Technology (ICT) is an extension of the Information Technology (IT) which basically is concentrated towards unification and integration of telecommunications with computers and other ERP software packages. Thus ICT is not restricted to only computers but as the name suggests extends to other forms of communication as well such as mobile phones, radio, television and satellites as well. However, the world has been behaving unethically with regards the ICTs also. The report discusses about the famous 2016 Bangladesh Bank Heist which left everybody stunned. In February 2016, an amount of US $951 Million was stolen from the central bank of Bangladesh via a SWIFT network. The hackers used the data of the Banks employees and sent requests for the transfer of money to the Federal Reserve Bank of New York demanding a transfer to the bank accounts of Philippines, Sri Lanka and various other countries in Asia. They could not get hold of the entire request and swept off $81 million which was transferred to the Rizal Commercial Banking Corporation in Philippines via four transfer request and $20 million to the bank account Pan Asia Banking (Mateo, 2017). The accounts at Rizal was opened a year ago but was never used actively until such an event. The discovery would not have been possible had there not been an error in the printer of the bank. The SWIFT system of the bank is formulated in such a manner that it prints the record of the transaction every time a request is sent and due to this the printer works round the clock as many a times print outs comes when the transactions are approved overnight. However the very next morning the bank employees were surprised that there were no print outs and when they tried to deliver prints manually the same would not happened. Further the software that links the SWIFT network was also altered. When the problem of the printer and software was fixed then a number of fictitious transactions print outs were received. Also the Federal Bank in New York had also raised concerns about so many transfer requests but there were no response from Bangladesh. The attackers were smart enough to time it during the weekend when the banks in New York are closed and thus transactions amounting to $101 m illion were passed already of which the transfer that was made in the Pan Asia was stopped (Gopalakrishnan, Mogato, 2016). People are taken aback about the various security hacks which are installed in the two banks as well as SWIFT bank. As per the reports, the Bangladesh Bank was not in constant touch with the Federal Reserve due to errors in printers and softwares which was a common phenomena. The error was not paid heed to and the IT security lapse was noticed too late. Unfortunately, by the time the said hack was noticed it was too late (Paganini, 2016). The Prime Ministers ICT Advisor had commented that Bangladeshs pace for digitalisation was one of the main reasons for the loop hole to occur in the system. Further it is proved that digitalisation is closely related to the person who is using it, his capability and complete ability to perform. Therefore ICT can improve the speed at which good and services are delivered but the same can be detrimental to the health of the company as well if proper firewalls are not installed ((Chowdhury. 2016) As per the investigations conducted by the Forensic Training Institute of Bangladesh, the Bangladesh Bank was wary towards cyber attacks due to lack of proper firewalls. The main ethical issue in this case was absent of adequate firewalls to protect the system. Further the system used second hand switches which are equally unethical. The Banks administrative as well as the IT department allowed usage of cheap quality switches and risked the money of the citizens. Thus it was unethical from the point of the administration who allowed such usage and accepted the usability of such a loose ICT system. Apart from the collapse of the entire information technology system another unethical issue noticed in this incident was the visit of the Governor of Bangladesh to India wherein he should have cancelled and taken action against the lapse in the ICT system installed. The implication of the said unethical act was that million of dollars got lost and also the trust of the people of Bangladesh. Further it also sent an alarm bell across the globe about the fact that SWIFT as well as such other banks should re-check their ICTs installed. Not only this but the fact that the switches used were second hand was also one of the unethical acts performed by the bank in order to save money which also should be taken care of. The banks across the globe should check upon the quality of the ICT installed and if there occurs any glitches then the same should be fixed at the earliest (Zetter, 2016). Well at this juncture, it is not possible to get back the money or get hold of the hackers so easily. Thus while the investigation is on the bank should immediately get firewalls installed and get the switches of the entire ICT system changed to new ones and not second hand. Further the system should be checked and re-checked by a third trusted party or company with regards the accuracy of the ICT installed. The purchase department should be held responsible and those found suspicious should be held into custody. Another option which is preferable would be install hidden cameras without letting even the bank employees aware of the same. Hacking the credentials is not easy, there must be involvement of the bank officials as well which should be checked also. In my opinion, the first option of immediately changing the entire system is a must. Further to this printer errors etc should be resolved without haste. Usage of second hand switches for the sake of saving money and endangering the money of the public is the biggest unethical issue that the ICT system can pose. Therefore first and foremost the same issue should be fixed. References: Chowdhury,A. (2016). The Bangladesh Bank heist and pitfalls of hasty digitalisation. Retrieved from https://opinion.bdnews24.com/2016/03/19/the-bangladesh-bank-heist-and-pitfalls-of-hasty-digitisation/ Gopalakrishnan,R. Mogato,M. (2016). Bangladesh Bank Officials computer was hacked to carry out $81 million heist : diplomat. Retrieved from https://www.reuters.com/article/us-cyber-heist-philippines-idUSKCN0YA0CH Mateo,J. (2017). Year of Hackers : Bangladesh bank heist, Comeleak. Retrieved from https://www.philstar.com/headlines/2017/01/06/1660122/year-hackers-bangladesh-bank-heist-comeleak Paganini,P. (2016). Bangladesh Bank hacked due to inadequate defense system. Retrieved from https://securityaffairs.co/wordpress/46610/cyber-crime/bangladesh-bank-poor-defense.html Zetter,K. (2016). That Insane, $81M Bangladesh Bank Heist? Heres What We Know. Retrieved from https://www.wired.com/2016/05/insane-81m-bangladesh-bank-heist-heres-know/