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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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

Women’s bodies, masculinities and economic insecurities

Thursday, 22 March 2018

Cat’s Eye was deeply saddened to witness another wave of anti-Muslim violence, yet again, under a Government which promised to protect them from such violence. It was reported that the first round of violence in Ampara was sparked by a claim that

Strong brands can sustain shocks!

Thursday, 22 March 2018

The recent media highlighted the impact of communal violence on the tourism industry. The press conference earlier this week threw out a number as high as 10% whilst the actual cancellation was around 500 room nights around the Kandy vicinity was rep

Racism, riots, and the Sri Lankan State

Thursday, 22 March 2018

“One’s life has value so long as one attributes value to the life of others, by means of love, friendship, indignation and compassion” – Simone de Beauvoir

Why Ranil is still needed

Thursday, 22 March 2018

The Joint Opposition move to pass a vote of no-confidence in Prime Minister Ranil Wickremesinghe will come a cropper. Ranil knows that best as he has tersely told a group of opposition pollies (Australia slang for ‘politicians’), “Come on! Pres

Columnists More