Cybercrime as a Threat to the Banking Sector: A Perspective from Commercial Banks in Bangladesh

Cyber and technology related crimes are gradually increasing all over the world due to rapid transitions and transactions in the digital world and cyberspace. Cyber related threats are increasingly becoming universal, multi-faceted, sophisticated and transnational in this tech-driven age. Governments, law enforcement agencies, IT professionals, scholars, and researchers worldwide have been concerned about digital deviance and crime. The transition to this widespread cybercrime is particularly difficult for developing countries. Recently, the banking sectors in Bangladesh have seen the emerging threats to its system and reserves through cyberspace, e. g. cyber-attacks or taking illegal access. Cybercrime is becoming a threat to the government itself due to many technical limitations and lack of necessary legislation to prevent this. This paper aims to highlight the risks and types of cybercrime in the banking sector of Bangladesh and highlight the necessity of implementing strong cyber security protocols in banks by comparing the cyber security of public and private commercial banks. This study employed purposive snowball sampling and qualitative research methods to gather data from primary and secondary sources, including key informant interviews (KIIs) and case studies. Interviews were conducted with 28 top bank officials from various commercial banks. The study's findings section covered the evolution of cybercrime in Bangladesh's banking industry, the frequency of cybercrime in various commercial banks, and the institutional weaknesses in the rigorous response to cybercrime. This paper's recommendations section offered several practical ways to combat cybercrimes and create a robust foundation for cybersecurity.