Nepalese
banking and financial sector is less prepared in terms of cyber security. It is
one of the most vulnerable areas at the risk of cyber threats. Recently, a
group of hackers heisted 81 million USD from Bangladeshi banks. This is
happening around the globe. Nepal is also facing ATM fraud, crypto currency and
other cyber related crimes. But, banks and financial institutions (BFIs) do not
want to report such cases to the police and the regulator, Nepal Rastra Bank, fearing
that the exposure of such events might increase negative public relations of
the company and it might lose customers and thus the profit.
A senior officer
of Nepal Police revealed that there was less cooperation from the BFIs
regarding the financial and cyber crimes. We are in a interconnected world
where each organization or individual has been connected with other via
wireless connection. So, hackers can launch attack on any institutions anywhere
from nowhere and can be off with huge amount money as they did from the
Bangladeshi banks. A director of NRB said that neither the regulator nor the
companies were prepared to be safe from or fight with the cyber crimes. The
banking industry must talk about cyber problems and forge collaboration with
the regulator, security agencies to fight with the sophisticated crime
happening online.
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