Challenges in Implementing Cybersecurity Services in Bangladesh’s Financial Sector: Survey Evidence and a Risk-Based Implementation Framework

Md Shahidullah

Challenges in Implementing Cybersecurity Services in Bangladesh’s Financial Sector: Survey Evidence and a Risk-Based Implementation Framework

Author(s)	Mr. Md Shahidullah
Country	Bangladesh
Abstract	Financial institutions depend on digital services to deliver transactions and manage sensitive customer information, yet cybersecurity investments do not automatically translate into sustained protection. This paper examines organizational and operational barriers to implementing cybersecurity services in Bangladesh’s banking and non-bank financial institution (NBFI) sector. It synthesizes the survey results reported in the author’s thesis and proposes a practical risk-based implementation framework connecting risk assessment, business requirements, procurement, deployment, operational ownership, monitoring, and continual improvement. The thesis reports 554 survey responses and provides counts for eight implementation challenges. The most frequently endorsed issues were cybersecurity tool cost (530/554; 95.7%), limited employee cybersecurity awareness (523/554; 94.4%), insufficient resources for continuous monitoring (501/554; 90.4%), and management budget-approval difficulties (491/554; 88.6%). Weak cross-functional communication and inadequate qualified resources were also frequently reported (478/554; 86.3%), as was the absence of practical security policies and procedures (463/554; 83.6%). These descriptive results suggest that implementation barriers span financial, human, governance, and operational dimensions rather than technology selection alone. The proposed framework prioritizes business-aligned risk assessment, evidence-based business cases, transparent procurement, implementation readiness, defined service ownership, continuous monitoring, and periodic assurance. The findings are useful as an initial diagnostic for financial institutions, but should be interpreted cautiously because the thesis contains an inconsistent sample-size statement and does not fully document sampling, instrument validation, or inferential analysis. Further research should validate the results using a clearly defined sample and institution-level measures of cybersecurity outcomes.
Keywords	cybersecurity implementation, financial sector, Bangladesh, cybersecurity governance, risk assessment, security procurement, continuous monitoring
Field	Computer > Network / Security
Published In	Volume 8, Issue 5, September-October 2026
Published On	2026-10-25

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Challenges in Implementing Cybersecurity Services in Bangladesh’s Financial Sector: Survey Evidence and a Risk-Based Implementation Framework

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