Cyberattack Risk Grows With Digital Transactions: Bangladesh Bank Website Down for Three Days as Experts Urge Constant Vigilance

The spread of online banking, mobile financial services (MFS) and digital payments has sped up financial transactions in Bangladesh. At the same time, the risk of cyberattacks on this technology-dependent system is also growing. Following a recent global cybersecurity alert, the Bangladesh Bank website has remained shut for three days as a precautionary measure, reopening discussion about cybersecurity in the country's financial sector.

Bankers and sector experts say there is no fixed time for cybersecurity. Banks and financial institutions must remain alert at all times, including on holidays and during long closures. To prevent possible attacks, they say it is essential to identify technical vulnerabilities, update software regularly, monitor networks and increase the capacity to restore services quickly in an emergency.

Experts say, however, that there is no situation of major financial risk or panic in the country's financial sector at this moment — vigilance is necessary, but customers have no reason to panic.

A cyberattack can disrupt a bank's online services, put customers' personal and financial information at risk, and even lead to the theft of money. A technical weakness at a single institution can create a major crisis for the entire financial system.

The biggest example is the Bangladesh Bank reserve heist. In 2016, reserves were stolen from Bangladesh Bank's account through a cyberattack. The scar of that incident still looms large in every discussion of financial-sector cybersecurity, and it returns to memory with every new alert.

AM Mostafa, chief information officer of ONE Bank, said extra vigilance on cybersecurity is essential during long holidays. In the past, too, cybercriminals have been seen attempting planned attacks during long breaks and closures.

He said a vulnerability in the PHP programming language has recently come to light, which could create risks for global cybersecurity. However, it is not a vulnerability created to target any specific institution.

AM Mostafa added that possible damage can be avoided through proper security measures, identifying software vulnerabilities and applying security patches quickly. There is no major panic situation in Bangladesh's financial sector right now, he said, but round-the-clock monitoring and precautionary measures must be maintained.

Bankers say that under Bangladesh Bank's ICT security policy, the security-related activities of banks and financial institutions must remain active 24 hours a day, seven days a week. Acting only after an attack is not enough; institutions must also be able to detect possible threats in advance and counter them.

Tarek Riaz Khan, managing director of NRB Bank, said that under Bangladesh Bank's ICT security policy guidelines, financial institutions must follow a seven-layer defence to stay protected from cyber threats. The need for security does not diminish on holidays, he said, and cybersecurity monitoring must run 24 hours a day, seven days a week.

He added that Bangladesh Bank's risk-based supervision emphasises precautionary measures in advance rather than reactive steps, so institutions must ensure constant monitoring and the capacity to act immediately to detect and counter possible cyber threats quickly.

Dr Ijazul Haque, director general of the Bangladesh Institute of Bank Management (BIBM), said that as digital transactions grow, cybersecurity risks will grow too, and there is no way to be completely free of that risk. Bangladesh Bank's cybersecurity instructions must therefore be properly followed, customer awareness raised and banks' software updated regularly. He added that Bangladesh Bank, the government and law enforcement agencies must work in a coordinated way to tackle cyber risks.

The experts' message, in the end, is a single one: the expansion of digital services will not stop, so security must advance at the same pace — constant monitoring, updated software and advance preparation are now the financial sector's main protection.