Digitisation of the regular operations of financial institutions yields efficiency and convenience for the customers. But on the other hand, it may expose the whole system to hacking, stealing and other security threats.

As countries like Bangladesh resort to relatively weaker technical protections than developed countries, our vulnerability is much larger. For both the public and private sectors, ensuring the security of financial and private personal data is a growing challenge. One can remember the cyber robbery in which USD 81 million was siphoned off from the account of Bangladesh Bank through undermining the BB security system.

Therefore, the government and the private sector must focus on cybersecurity while digitising their operations, functions and services.

Abul Khaer, By email