Finance Minister Said: NRB To Alert Regarding Cybersecurity Issues

Yuba Raj Khatiwada Said NRB To Alert Regarding Cyber Threat In Nepal

Thursday, September 6, 2019, Kathmandu

After six days since the Chinese hackers looted crores of rupees from various banks by designing fake visa cards, Finance Minister Dr. Yuvraj Khatiwada has talked about the issue.

Minister Khatiwada has said that he had sent a letter to the Rastra Bank saying that they should be vigilant about cybersecurity issues just eighteen days ago.

“Just because this incident didn’t hamper personal accounts doesn’t mean that there is no danger; we are currently dealing with the NRB and other stakeholders. I had sent a letter to the NRB about the issue of cybersecurity about eighteen days ago.” Khatiwada said during a meeting with the executive committee of the Nepal Economic Journalists Society. He mentioned that the state is alert regarding cybersecurity issues.

Minister Khatiwada added, “They might have noticed that it involves the role of the police and all other stakeholders. We have warned them all, it will be challenging now, but it is not a situation to be afraid to do banking business.”.

He said that many restructuring projects had taken place in the financial system. He also mentioned that recent developments had added some issues to cybersecurity, and it is a problem created externally so solutions must be sought on a global scale. However, every country must also prepare internally.

‘We are in the phase of consultation now. Many people have been bringing up things like mega-merger, big merger, but this is a voluntary merger, and we have said that we are not compelling any party. Good governance needs to be managed at the micro-level, but Risk management is a major concern as of now. Risk management is an indication of how competent lending banks are according to Business Cycle. So risk management is a challenging factor.” He focused that due to the fluctuations in the economic growth of the neighboring countries, it had had an impact in Nepal.

Khatiwada said, “We have had a lot of problems, especially in the tariffs. Its reaction took place with interest rates and the exchange rate of the country. This could have an impact on our trade exchange relations with India and some of its waves could also come to Nepal through exchange rates.”

But the stability of prices is not something to be feared right now, but the exchange rate must be given top priority in the present scenario. Chinese hackers hacked 68 ATMs in Kathmandu, Nepal in one day. Chinese hackers behind Indian heist in Nepal?

“5 percent economic hike of a country doesn’t indicate recession; it means the economic growth of the neighboring countries is respectable. At times, it was well-greeted when it was 2/3 percent, but now it is said that even at 5 percent, it is a recession. Sometimes economic growth is fluctuating at 2 percent over the last few years. This is the theory of the trade cycle. But we are constantly looking at the economy of neighboring countries and the impact they can cause.”’

Download Report: Normal Scenario Of NEPS Transaction Processing

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