Bangladesh Bank Governor Mohammad Mostakur Rahman has raised concerns over the cybersecurity preparedness of the country’s commercial banks, saying their existing defences have yet to reach the level required to protect an increasingly digital financial system.
Speaking at an event organised by the Ministry of Posts, Telecommunications and Information Technology on Tuesday (4 August), the governor said the rapid expansion of digital technology across banking had not been matched by sufficient progress in cybersecurity. As financial services become more dependent on interconnected digital infrastructure, he warned, vulnerabilities within individual institutions could pose risks beyond the banks themselves and potentially affect confidence in the wider financial system.
The warning comes as banking services in Bangladesh continue to shift towards digital platforms. Internet banking, mobile applications, card-based payments and other technology-driven financial services have made transactions faster and more convenient for customers. At the same time, banks are handling growing volumes of sensitive information, including customers’ personal details, account records and transaction data.
Protecting this information has therefore become a central responsibility for financial institutions. A weakness in a bank’s security architecture could expose customers to fraud or data theft, disrupt essential services and damage confidence in the institution. In a highly interconnected financial environment, a serious cyber incident at one organisation could also create wider operational and reputational concerns.
The governor’s remarks underline the growing challenge facing regulators and financial institutions as digitalisation accelerates. Cybersecurity is no longer simply a matter of installing technical safeguards. Banks also need effective systems for identifying threats, monitoring suspicious activity, controlling access to sensitive information and responding quickly when an incident occurs.
The issue is particularly significant because cyber threats are constantly evolving. Financial institutions may face attempts to steal confidential information, compromise accounts, disrupt services or exploit weaknesses in technology and human behaviour. Staff awareness and regular training are therefore as important as technological protection. Even sophisticated security systems can be undermined if employees are not adequately prepared to recognise suspicious activity or follow established security procedures.
At the same event, the Prime Minister’s adviser on posts, telecommunications and information technology, Rehan Asif Asad, warned that cyberattacks were unlikely to decline in the coming years. Instead, the growing use of technology across government, finance and private businesses could expand the number of potential targets available to cybercriminals.
He stressed that cybersecurity could not be addressed effectively through the efforts of a single institution or government agency. A coordinated approach involving both public and private organisations is needed to strengthen national cyber resilience, improve information security and ensure that institutions are prepared to respond to emerging threats.
Asad also said information security arrangements in many government institutions remained at an early stage. He called for greater cooperation between public and private sector organisations, alongside improvements in technical capacity, regular security testing and preparedness for potential cyber incidents.
The event also touched on the misuse of social media. Posts, Telecommunications and Information Technology Minister Fakir Mahbub Anam said bullying, misinformation and harassing content should not be allowed to proliferate under the guise of freedom of expression. The government, he indicated, would take steps to address such activities.
Authorities are also considering discussions with major social media and technology platforms to tackle the spread of false and misleading content concerning the government. Meetings with representatives of companies including Meta and Google are expected to be arranged as part of those efforts.
The wider discussion reflects the increasingly close relationship between cybersecurity and financial stability. Banks now form a critical part of the country’s digital infrastructure, and any prolonged disruption to their systems could affect businesses, consumers and everyday economic activity.
For Bangladesh’s financial sector, strengthening cyber defences will require more than investment in new technology. Institutions will need skilled cybersecurity professionals, regular risk assessments, robust internal controls, employee awareness programmes and tested incident-response procedures. Cooperation between regulators, banks, technology providers and relevant government agencies will also be essential.
The challenge is becoming more pressing as the country moves towards a more digitally connected economy. The convenience offered by online financial services brings clear benefits, but it also creates new points of exposure. Ensuring that security measures develop at the same pace as digital banking will therefore be crucial to protecting customer data, maintaining public confidence and safeguarding the stability of the financial system.
