Home / Financial Services/ Bank fiasco

Bank fiasco

Comments / {{hitsCtrl.values.hits}} Views / Friday, 28 July 2017 00:00

I read with interest the several letters to the Editor in your esteemed and independent newspaper, on the subject of a terrible blooper by one of the largest private banks in the country. The incident seems incredibly idiotic considering the precautions, not only banks, but the whole financial industry takes today to protect data from outside threats, spending, maybe millions. 

That is why this event is difficult to believe that the bank in question, which boasts of digital advancements if we are to believe paper notices, allowed such serious lapses in its basic IT security.

It will be interesting to see who will be the scapegoat ultimately, to get punished for a violation which may be not Sri Lanka’s but a world’s first from a reputed bank. Will it be the junior level staff, who had been handed down a weak system where with a press of a finger highly-confidential customer data could leak out?

I do not agree with the contention that the Board of the bank should resign as suggested by one of the writers but the punishment needs to be at a very senior level which made this happening possible, rather than at data operator level. 

As a layman I can think of the person at the top of bank’s banking operations who had miserably failed to identify weaknesses in the system or the chap in charge of risk management or maybe the techies who would have provided a system with so much of loopholes in the security aspects for such sensitive information! Let’s wait and see.

Ranjan Kodituwakku

Share This Article


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

Top Cola brand crashing globally; lesson for Sri Lanka

Friday, 20 July 2018

We have heard the age old adage, if a brand is not in line to the trends of a customer, they will cease to exist over time.

Religion and politics: a tale of two hypocrisies

Friday, 20 July 2018

It was the best of times, it was the worst of times; it was the age of wisdom, it was the age of foolishness; it was the epoch of belief,

Sri Lanka’s Trade Information Portal – Bringing local traders one step closer to the global market

Friday, 20 July 2018

Sri Lanka’s traditional lacework famously known as Beeralu is slowly moving into the spotlight of the global fashion industry

Building great organisations: What will it take in the future?

Friday, 20 July 2018

I would like to begin by congratulating the Great Place to Work Institute for organising this event to recognise ‘Sri Lanka’s Best

Columnists More