Kathmadu, Aug 12: Nepal Rastra
Bank Governor Dr. Chiranjivi Nepal Friday urged all the concerned stakeholders
both from the government and private sector to work together in order to fight
the threats on cyber security.
Addressing a seminar on ‘Cyber
risks and security’ organized by the Nepal Bankers’ Association (NBA) and KPMG
India, Dr. Nepal
said, “The risks from the cyber have made the financial sector more vulnerable.
As the cyber has no border and limitation, attackers can launch attack from any
part of the world.”
He stated that being a Least
Developed Country (LDC) didn’t mean that Nepal was less vulnerable to the
cyber attacks and crimes.
However, he claimed that the
central bank was very sensitive about the cyber crime issues and was planning
to bring out circulars and directives to address the pertinent issues of the
sector soon in the future.
“The NRB has been promoting
better use of technology and applications of adequate security in the banks and
financial institutions,” he maintained.
Ajit Regmi, deputy director of
the NRB informed that the central bank had a dedicated department to licensing
and regulating e-payment system.
Ananda Raj Khanal, director of
Nepal Telecommunication Authority (NTA) said that the telecommunication sector
regulator was working to protect the cyberspace for both the government and
people.
“We are formulating cyber
security policy as per the guidelines of the International Telecommunication
Union. It will include institutional setup to fight with the cyber crime,
saving the vulnerable groups and strategies for raising awareness,” he
informed.
He claimed that by the end of
the current fiscal year the country would have a new cyber law.
Superintendent of Nepal Police
Rabin Basnet informed that crypto currency was creating problems and the
concerned agencies should be enabled to fight the crime.
A crypto currency or digital
currency is a medium of exchange using cryptography to secure transactions and
to control the creation of additional units of currency.
He said that there was less
reporting from the banks and financial institutions of the electronic frauds
and crimes.
Chief operating officer of Bank
of Kathmandu Lumbini Prabin Chhetri said that all transaction and activities in
the banking and financial sector must be monitored. “Technical risks are
minimum as it is proven however we must apply caution in operation.”
Chief executive officer of the
Standard Chartered Bank Nepal Joseph Silvanus stated that there was not insurance
cover for the loss occurred due to cyber crimes.
Kunal Pande and Atul Gupta from
KPMG India presented papers on cyber risks and security in the seminar.
They presented the details of
potential threats in the cyber space and ways to be fight them.
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