Only 44 per cent of banks in Bangladesh monitor API traffic in real time, a Bangladesh Institute of Bank Management (BIBM) study has found.
The findings were presented at a roundtable titled “Banking Apps Security in Bangladesh: Current Status and Challenges” at BIBM’s Mirpur auditorium. The study, based on a survey of 34 banks, assessed governance, secure development, fraud monitoring and institutional readiness, said a press release on Wednesday.
While 81 per cent of respondents reported security event logging, only 31 per cent have a tested app-specific incident response plan. Some 78 per cent reported device binding with re-authentication, but only 16 per cent reported adaptive authentication. Continuous monitoring of third-party API security risks was reported by just 34 per cent.
Budget limitations and inadequate tools were each cited by 47 per cent of respondents, while 38 per cent cited a skills shortage.
Bangladesh Bank Deputy Governor Md Habibur Rahman attended as chief guest. BIBM Director General Md Ezazul Islam chaired the session. BIBM Lecturer Fahad Ahmed presented the keynote paper, with Md Shihab Uddin Khan and Eastern Bank Chief Information Security Officer Muhammad Abul Kalam Azad on the research team.
Md Ezazul Islam called for joint exercises across cybersecurity, fraud operations, digital banking and customer support, easier fraud reporting, stronger verification and clear vendor accountability. He said banks can track the time from a customer’s report to protective action and the share of exercise weaknesses fixed on time.
