CYBERSECURITY CHALLENGES IN DIGITAL ISLAMIC BANKING ESTABLISHED IN BANGLADESH: RISK MANAGEMENT PERSPECTIVE
Abstract
The rapid expansion of digital banking in impoverished countries presents novel problems, including data security and risk management for the Islamic banking sector. Including digital technologies in Bangladeshi Islamic organizations has made more people able to access services and financial providers. These businesses consequently become more vulnerable to cybersecurity problems such as data breaches, fraud, and cyberattacks, thus jeopardizing customer confidence and the integrity of the financial system. In this study, we investigate how effectively current risk management techniques address the cybersecurity challenges Bangladeshi digital Islamic banking encounters. This study reveals the areas of weakness by comparing global cybersecurity standards and development recommendations with the current systems of well-known Islamic banks in Bangladesh. The article looks at how these problems affect the general application of digital financial services, legislation, and customer confidence. This paper adds to what is previously known about cybersecurity in Islamic banking by providing doable suggestions on how to improve risk management in developing countries. It achieves this through a thorough reading of the body of the present literature, secondary data analysis, and in-depth interviews with important participants. The results clearly suggest that strict cybersecurity rules have to be observed since they complement Islamic financial concepts and the world's best standards. This would ensure that Bangladesh's digital Islamic banking market stays steady and keeps growing.
JEL: G21, G32, K24, L86
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DOI: http://dx.doi.org/10.46827/ejefr.v8i8.1912
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