Bangladesh’s fast-digitising financial sector is critically vulnerable to cyberattacks and requires urgent reforms to avert future crises, experts cautioned at a cybersecurity conference in Dhaka.

Speaking at “Cybersecurity in Financial Sector of Bangladesh: Securing the Digital Future”, organised by the ICT Division at the Pan Pacific Sonargaon, specialists highlighted structural weaknesses, underinvestment, and a lack of awareness as major risks.

Md Mahbubur Rahman Alam, professor at the Bangladesh Institute of Bank Management (BIBM), said technological advances were outpacing security preparedness. He pointed to a shortage of skilled professionals, insufficient investment, and limited awareness among staff and customers.

“The human factor is the weakest link,” Alam said, citing a BIBM study that found over 54% of bank employees lacked adequate IT security knowledge. He added that only 5% of the banking sector’s IT budgets go to cybersecurity.

He warned that threats have grown more sophisticated since the 2016 Bangladesh Bank heist, when $81 million was stolen. Today, risks target ATMs, mobile banking, and digital payment systems.

Alam urged strategic investment, national-level collaboration, specialised training, and the creation of a dedicated cybersecurity institute to build resilience.

Faiz Ahmad Taiyeb, special assistant to the chief adviser on posts and telecom, said 17–20 banks were lagging in cybersecurity readiness. He criticised a culture of concealing breaches, calling it “hide-and-seek” that leaves institutions exposed.

“Security cannot be treated as an additional cost,” he said, stressing the need for transparency and urgent reforms.