Sri Lanka's COPF to Summon Finance Secretary Over $2.5 Million Treasury Cyber Fraud
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COLOMBO — The Committee on Public Finance (COPF) is set to summon the Secretary of the Finance Ministry to address a $2.5 million cyber fraud incident involving the national Treasury.
COPF Chairman MP Harsha de Silva confirmed the move on Monday, stating the parliamentary committee will seek a detailed briefing on the security breach that resulted in significant financial loss. The hearing is scheduled to take place later this week as lawmakers demand accountability and clarity regarding the incident.
The fraud, which targeted the Treasury's digital payment systems, has raised serious concerns about the security infrastructure protecting state funds. While the exact timeline of the breach remains under investigation, officials acknowledge that unauthorized transfers totaling $2.5 million were executed before detection protocols triggered an alert.
Finance Ministry officials have not yet released a comprehensive report on the technical aspects of the attack. However, preliminary assessments indicate that the perpetrators exploited vulnerabilities in the Treasury's internal network. The incident marks one of the largest cyber thefts in Sri Lanka's recent history, prompting urgent calls for a review of financial cybersecurity measures.
De Silva emphasized that the committee's objective is to understand the full scope of the breach and determine whether existing safeguards were adequate. "The public has a right to know how state funds were compromised and what steps are being taken to prevent recurrence," he said during a press briefing outside Parliament.
The Finance Ministry Secretary is expected to appear before the committee to provide testimony on the incident. Lawmakers anticipate questions regarding the timeline of the breach, the response mechanisms activated by the Treasury, and whether any individuals within the ministry bear responsibility for the oversight.
Security experts have warned that the incident highlights broader vulnerabilities in Sri Lanka's digital financial infrastructure. The Treasury has since implemented additional monitoring systems, but questions remain about the effectiveness of these measures in preventing future attacks.
The hearing comes amid growing public scrutiny over government financial management. Opposition parties have called for an independent investigation into the matter, arguing that internal reviews may lack the necessary transparency.
As the committee prepares for the testimony, attention remains focused on whether the Finance Ministry can provide a satisfactory explanation for the loss. The outcome of the hearing could influence future legislative actions aimed at strengthening cybersecurity protocols across government institutions.
The incident has also sparked discussions about the need for updated legislation to address cybercrimes targeting state entities. Lawmakers are considering proposals to enhance penalties for financial fraud and improve coordination between government agencies and cybersecurity firms.
Until the committee concludes its inquiry, the full extent of the breach and the identity of those responsible remain unclear. The Treasury has assured the public that all affected accounts are being monitored closely to prevent further unauthorized access.