With national elections drawing closer, cyber security in the banking sector has become one of the biggest challenges facing Bangladesh’s financial stability. At a national seminar held in the capital on Tuesday, experts and policymakers warned that the country’s banks remain vulnerable to cyber attacks, data theft, and financial crimes due to weak safeguards and poor monitoring systems.

The seminar, titled “Cyber in Financial Sector of Bangladesh: Security in Digital Future,” was jointly organized by the National Cyber Security Agency (NCSA) of the ICT Division and the EDGE Project at Hotel Sonargaon, Dhaka. Only 17-20 Banks Rated Satisfactory: Speaking as a special guest, Faiz Ahmed Tayyab, Special Assistant to the Principal Advisor in charge of the Ministry of Posts, Telecommunications and Information Technology, painted a concerning picture. He said that only 17-20 banks in Bangladesh have a satisfactory cyber security rating, while the rest lag far behind. Weak security practices have left citizens’ data exposed, and in some cases, even bank officials themselves are suspected of involvement in cyber crimes.

“Financial crimes, online gambling, unpatched software, weaknesses in file transfer protocols, Distributed Denial of Service (DDoS) attacks, and data center vulnerabilities are now the major threats to the banking sector,” Tayyab warned. Finance Ministry Calls for Stronger Safeguards: Dr. Anisuzzaman Chowdhury, Special Assistant to the Principal Advisor in charge of the Ministry of Finance, attended as the chief guest. He stressed that strengthening existing cyber security frameworks and raising awareness through public-private partnerships is vital to protecting the banking industry. “The digital financial system is the backbone of our economy. Without robust cyber security, public confidence will be shaken, especially ahead of the elections,” he said.

State-Owned Banks Seen as Vulnerable: Najma Mobarek, Secretary of the Financial Institutions Department, pointed to a serious gap in state-owned banks. She highlighted the urgent need to strengthen IT training, improve coordination between technology teams and business units, and adopt a culture of accountability to reduce risks.

Tax Collection and Cyber Integration: Md. Abdur Rahman Khan, Chairman of the National Board of Revenue (NBR), suggested greater integration between the tax system and banks. He proposed data exchange between financial institutions and tax authorities to simplify tax collection, minimize evasion, and ensure greater transparency.

Law Enforcement Struggles: Md. Chibgat Ullah, Chief of the Criminal Investigation Department (CID), disclosed that since January 2025, the CID has received 884 cyber crime complaints. However, he criticized banks for being reluctant to file cases, which hampers investigations. “When banks don’t cooperate, it gives criminals an upper hand. Without formal complaints, our ability to investigate is severely restricted,” he said.

Banks Acknowledge Technical Gaps: Senior representatives from BRAC Bank, IFIC Bank, City Bank, and other private institutions took part in the discussion. They admitted that banks face technical complications, ranging from outdated software to weak monitoring tools, and said more investment is needed in firewalls, fraud detection systems, and staff training. Industry experts emphasized that cyber security should not be treated as just an IT issue but as a core financial stability concern.

Building Public Confidence Before Elections: Speakers at the seminar agreed that protecting financial institutions from cyber threats is about more than technology-it is also about building public trust. With political uncertainty already pressuring the financial sector, any major cyber attack could trigger panic among depositors and weaken investor confidence. “Ensuring cyber security of the country’s financial institutions is not only about securing the digital future,” one participant noted. “It is about protecting stability in a time of political transition.”

Way Forward: The seminar concluded with several key recommendations, including strengthening cyber monitoring across all banks with a particular focus on state-owned institutions; mandatory training programs for employees to identify and prevent cyber risks; public-private partnerships to share best practices and raise awareness; legal reforms to make it easier for banks to report and prosecute cyber crimes; and investment in advanced technologies such as AI-driven fraud detection, data encryption, and secure data centers.