As Bangladesh embraces digital banking, cybersecurity has become a critical concern. The infamous Bangladesh Bank heist of 2016 highlighted the vulnerabilities in the financial system, underscoring the need for robust security measures.
Cyberattacks, including phishing, ransomware, and data breaches, are on the rise, targeting both banks and customers. With the increased use of mobile financial services and online banking, the attack surface has expanded significantly.
Bangladesh Bank has introduced cybersecurity guidelines, urging financial institutions to implement multi-factor authentication, encryption, and real-time fraud monitoring systems. Despite these measures, a lack of awareness among customers often leads to successful cyberattacks.
To mitigate risks, banks must invest in advanced technologies such as blockchain for secure transactions and AI for threat detection. Educating customers about safe online practices and conducting regular audits will also be crucial in building a resilient banking ecosystem.
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