Bangladesh's financial sector critically vulnerable to cyberattacks: experts

Bangladesh's rapidly digitising financial sector is critically vulnerable to sophisticated cyber threats and requires an immediate, strategic overhaul to secure its future, experts said yesterday.

The urgent call to action was made at an event titled "Cybersecurity in Financial Sector of Bangladesh: Securing the Digital Future," organised by the ICT Division at the Pan Pacific Sonargaon in Dhaka.

At the event, Md Mahbubur Rahman Alam, a professor at the Bangladesh Institute of Bank Management (BIBM), outlined a troubling landscape where technological advancement is outpacing security preparedness.

He identified a set of challenges, including a severe shortage of skilled cybersecurity professionals, insufficient investment in security measures, and a lack of awareness among both employees and customers.

"The human factor is the weakest link," he said, citing a BIBM study that found over 54 percent of bank employees have inadequate knowledge of IT security.

This, combined with the fact that only about 5 percent of the banking sector's IT budget is dedicated to cybersecurity, creates a highly vulnerable environment, he said.

The professor highlighted the 2016 Bangladesh Bank heist, where hackers stole $81 million, as a grim reminder of the consequences of systemic flaws.

He warned that threats have since evolved to include sophisticated attacks on automated teller machines, mobile banking platforms, and digital payment channels.

Beyond funding, Alam pinpointed critical structural weaknesses.

He noted the widespread absence of a standard organisational chart for cybersecurity roles and a troubling communication gap between ICT professionals and business leaders, which often leaves security strategies misaligned with business goals.

To build a resilient digital financial ecosystem, he proposed a multi-pronged solution that includes strategic investment, national-level collaboration, specialised training, and a dedicated national institute.

Against the backdrop of the election and the prevailing political situation, Bangladesh must prepare on the front of cybersecurity, said Faiz Ahmad Taiyeb, special assistant to the chief adviser on posts and telecom.

He said around 17-20 banks are underperforming in terms of cybersecurity.

"Companies often consider security expenses as an additional cost, but we must abandon such thinking."

He said there is a culture of playing hide-and-seek within offices when it comes to reporting cyberattacks and threats.

"This practice must end as most companies remain vulnerable to cyber threats."

In many banks, account balances and other sensitive information, including customer profiles, can be accessed from outside, he said.

Though official emails were sent in this regard, the banks did not respond, he added.

Taiyeb said information of five crore national identities is available on the dark web and is being misused.

Anisuzzaman Chowdhury, special assistant to the chief adviser; Md Abdur Rahman Khan, chairman of the National Board of Revenue; Nazma Mobarek, secretary of the Financial Institutions Division; and Shish Haider Chowdhury, secretary of the ICT Division, also spoke.