Speaking at an interaction on
‘Cyber security and trust in technology’, organised by the Nepal Bankers’
Association (NBA) in association with Microsoft, he said, “Most of the cases
related to cyber crime go unreported, and only 3 to 4 per cent get prosecuted.”
According to Silwal, people and
organisations were reluctant to report breaches in cyber security because it
involved the victim’s privacy, and the victims were unaware of it.
Nepal Rastra Bank’s deputy
director (IT) Ajit Regmi said the banks were more focused on physical security,
and there were no proactive approaches.
“We have experienced malware
attacks recently. If you can’t keep your IT secure, you may lose your business
overnight,” he warned the bankers.
However, experts said that due
to non-convertibility of the Nepalese currency, there were fewer chances of
cyber attacks on Nepalese banks and financial institutions. But they accepted
that risks existed in the system.
Director of Nepal
Telecommunication Authority Ananda Raj Khanal said that the telecom sector regulator
had prepared a National Cyber Security Policy with support from the
International Telecommunication Union.
According to him, the country
had a National Framework for Cyber Awareness, and a cyber crime regulation was
in the offing.
President of NBA Anil Keshari
Shah shed light on the threats and consequences of cyber-attacks on the banking
system.
“News of security breaches
continues to dominate headlines, and the scale and scope of intrusions are
growing. In 2014 alone, data breaches were up by 78 per cent over the previous
year, and cyber criminals compromised more than a billion data records in more
than 1500 breaches,” he said.
Dr. Astrid Tuminez, senior
director of corporate affairs at Microsoft South East Asia, said that the other
side of the innovation in information technology was cyber crime, which was
become more frequent, sophisticated and targeted.
“Therefore, the enterprises need
to understand cyber security and resilience through trusted technology,” she
remarked.
According to Tuminez, the median
time for compromise discovery of cyber crime/attack in the Asia Pacific was 520
days against 146 days for the world’s average.
She suggested that the banks opt
for cloud for the storage of sensitive data to ensure security and privacy.
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