Central Bank Warns of Cybersecurity Gaps in Commercial Banks

Bangladesh Bank Governor Md Mostakur Rahman has raised concerns over persistent weaknesses in the cybersecurity systems of the country’s commercial banks, warning that the vulnerabilities remain a source of ongoing anxiety for the central bank.

Speaking at an event organised by the Ministry of Posts, Telecommunications and Information Technology on Tuesday, 4 August, the governor said the country’s commercial banking sector had yet to reach the expected standard in ensuring cybersecurity. He stressed that the shortcomings required continued attention as banks increasingly rely on digital platforms and technology-driven financial services.

The governor’s remarks underline the growing importance of cybersecurity in Bangladesh’s financial sector, where banking operations are becoming increasingly dependent on digital infrastructure. Online banking, mobile financial services, electronic fund transfers and other technology-based services have expanded the points through which financial institutions can potentially be targeted by cybercriminals. Any major breach could affect not only individual customers but also the wider stability and confidence of the financial system.

For the central bank, the challenge extends beyond protecting individual institutions. Commercial banks are closely interconnected through payment systems and other financial networks, meaning that a serious cyber incident at one institution could potentially create wider operational and reputational risks. Maintaining strong security controls, therefore, remains a key requirement for protecting financial transactions and safeguarding customer information.

At the same event, Prime Minister’s Adviser for Posts, Telecommunications and Information Technology Rehan Asif Asad warned that cyberattacks were unlikely to decline in the future and could instead become more frequent. His remarks reflected the increasingly complex nature of the global cyber threat, as governments, financial institutions and businesses face a growing range of digital risks.

He also said that information security arrangements in government institutions remained at a preliminary stage. Strengthening the sector, he argued, would require coordinated efforts between government agencies and private-sector organisations. Such cooperation could help improve preparedness, strengthen institutional resilience and ensure a more unified response to emerging cyber threats.

The discussion also touched on wider concerns surrounding the digital environment and social media. Posts, Telecommunications and Information Technology Minister Fakir Mahbub Anam said the government would take measures to control cyberbullying and the spread of false or harassing content on social media platforms. He said such activities would not be allowed to continue under the guise of freedom of expression.

The minister also said the government would soon hold discussions with major social media and technology companies, including Meta and Google, to address the spread of what it described as false propaganda and misleading content concerning the government.

The comments from senior policymakers indicate that cybersecurity is increasingly being viewed as a broader national priority, extending from the banking sector and government databases to social media platforms and the wider digital ecosystem. For Bangladesh’s financial institutions, the latest warning is likely to reinforce the need for stronger security measures, better preparedness and closer coordination with regulators as the country’s dependence on digital services continues to grow.