Governor urges for collaboration to fight cyber crimes

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.