Central Bank asks BFIs to Upgrade Cyber Security

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Central Bank asks BFIs to Upgrade Cyber Security

September 10: Two weeks after the hacking of ATMs by Chinese nationals, Nepal Rastra Bank’s Governor Dr Chiranjivi Nepal has directed the CEOs of banks and financial institutions (BFIs) to make cyber security of their respective banks more effective.

Governor Nepal suggested the BFIs to remain alert from such activities and also told them to ensure cyber security by using sophisticated technology.

During a meeting of NRB officials and the CEOs of different banks, the central bank urged all the banks to use chip-based cards, bring uniformity in the use of cards and increase surveillance in ATM booths.

NRB’s spokerperson Laxmi Prapanna Niraula said that the central bank has reached to a conclusion that the commercial banks must now increase their investment in cyber security.

“The BFIs should repeatedly check how effective are the system and software being used by them at present. If they are not up-to-date, the BFIs must upgrade the software,” Niraula quoted Governor Nepal as saying.

Niraula further said that the Government asked the BFIs to be alert as the security of banks might get compromised in the current situation. Therefore, he has urged the banks to invest more in ensuring cyber security, added Niraula.

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