Bangladesh's financial sector is undergoing rapid digital transformation, and with millions of customers now relying on online banking, mobile apps, and digital payments, the stakes have never been higher. While this shift has created unprecedented opportunities for efficiency and financial inclusion, it has also exposed institutions and customers to an increasingly complex cyber threat landscape. Banks must now defend against sophisticated attacks targeting systems, data, and human vulnerabilities. This article explores the key challenges, ongoing improvements, and the critical actions required to build a more secure banking environment.
Understanding the Human Vulnerability
One of the most significant challenges in Bangladesh's banking sector is the widespread lack of consumer awareness. Many customers struggle to identify phishing messages, fraudulent calls, deceptive links, or fake social media communications. Attackers exploit human error-customers unknowingly share passwords, OTPs, or sensitive data, use outdated devices without security patches, or operate without antivirus protection. As digital channels expand, empowering customers with essential cybersecurity knowledge has become the most fundamental defense.
Legacy systems in a modern threat environment pose serious risks
Many institutions still depend on obsolete servers, network equipment, aging software, and, in some cases, unlicensed technology. These outdated systems create critical vulnerabilities that attackers can easily exploit. While frequent upgrades require substantial investment, delaying modernization leaves organizations dangerously exposed. Some institutions have avoided attacks simply because they have not yet been targeted, but this is no longer a sustainable or safe approach in today's evolving threat landscape.
Limited Cybersecurity Expertise
Even banks willing to invest in stronger security often face a shortage of skilled cybersecurity professionals. Bangladesh has a limited pool of trained experts, and restrictions on globally recognized cloud services complicate matters further. Initiatives like creating a secure, industry-wide community cloud are promising, but such platforms must be managed by highly qualified personnel and continuously updated. Building long-term capability requires expanding academic programs, retraining IT graduates, and attracting expatriate or foreign specialists.
Third-Party Dependencies and Systemic Exposure
Financial services today rely on a large network of external partners-vendors, software companies, mobile operators, ISPS, aggregators, and regulators. The overall security posture is only as strong as the weakest link in this chain. If any external partner lacks adequate information and communication security controls, the entire ecosystem becomes vulnerable. Effective cybersecurity governance must therefore extend beyond the bank's internal environment.
Strengthening Internal Controls and Culture
Insider threats-both intentional and unintentional-can cause significant damage. Many institutions still fall short of ensuring strong access control, multifactor authentication, encryption, and regular audits. Equally important is cultivating a strong internal culture of awareness. Staff members must recognize threats, comply with protocols, and understand the consequences of security lapses. Without robust internal discipline, even the strongest technological controls can fail.
Policy, Regulatory Frameworks, and Oversight
Bangladesh has made notable progress in updating its cybersecurity landscape. The central bank's Guideline on ICT Security for Banks and Financial Institutions has evolved 
over the years, with the 2023 Version 4.0 offering a more comprehensive and modern framework. The introduction of Guidelines on Cloud Computing in 2023 and the replacement of the Cyber Security Act 2023 with the Cyber Safety/ Cyber Security Ordinance in 2025 demonstrate significant advancement.
National initiatives such as GOV-CIRT and BB-CIRT enable quicker threat detection and response by coordinating with banks' own CIRT teams. Bangla- desh Bank also integrates ICT security reviews into inspections, issues circulars, and facilitates industry-wide information sharing. While these developments have strengthened governance, their effectiveness depends on consistent enforcement and enhanced investigative capabilities within law enforcement.
Cybersecurity Leadership at Standard Chartered
Standard Chartered Bangladesh follows robust information and cybersecurity guidelines established by its global head office. All IT infrastructure, networks, and applications undergo comprehensive security evaluations before deployment. The Bank has made significant investments to maintain secure systems and protect customer data. As a branch of an international financial institution, Standard Chartered Bangladesh aligns its hardware and software standards with those used across all countries of operation, ensuring compliance with regulatory requirements and best-in-class industry practices.
Its network and infrastructure are monitored 24/7, and operations are supported by highly qualified cybersecurity and information security professionals appointed globally. Information security is considered a principal risk for the Bank and is regularly reviewed at the highest-level country risk forums. The bank adheres to internationally recognized standards such as ISO 27001 and PCI DSS.
Standard Chartered Bangladesh maintains a dedicated in-country Cyber Incident Response Team (CIRT), chaired by senior management, in compliance with regulatory directives. The team operates with two lines of defense, led by the CISO and CISRO, both supported by highly experienced senior personnel. They coordinate closely with the bank's global cybersecurity team and regulatory authorities to ensure the protection of customer information and secure digital transactions.
Building a Cyber-Aware Society
Broader public awareness is critical for reducing overall exposure to cybercrime. While individual banks, financial institutions, and MFIs conduct awareness campaigns, a unified national strategy is necessary. Government-driven initiatives through television, radio, digital channels, and community outreach can significantly strengthen public understanding. Incorporating cyber safety education into school curricula would help create a more digitally responsible population, especially as online interactions now touch people of all ages.
A secure financial future for Bangladesh will depend not only on advanced technologies and regulatory frameworks but also on the collective vigilance of institutions, partners, and millions of everyday users navigating an increasingly digital world.
