Stakeholders have expressed concerns over the increasing vulnerability of Nepal’s financial sector to cyberattacks. These concerns were highlighted during a program organised by the Nepal Association for Software and IT Services Companies (NAS-IT) and the Technology Journalists Forum (TJF) in collaboration with LogPoint in Kathmandu on Friday, December 13.
Roshan Pokhrel, Chief Information Security Officer at LogPoint, remarked that while technological advancements have made life more convenient, Nepal’s lack of adequate precautions has left the country vulnerable to cyber threats. He elaborated on the fundamentals of cybersecurity, emphasising how individuals can protect themselves. Pokhrel also identified the lack of awareness about cybersecurity and the prevalence of scams across various platforms as major threats in Nepal.
Basudev Rawat, LogPoint's Director of Product Management, provided insights into essential cybersecurity principles, including confidentiality, integrity, and availability. He discussed the challenges posed by cyberattacks, their management, reasons for their occurrence, lessons Nepal can learn from other countries, and high-risk areas across the globe.
Prabhat Pokhrel, CEO of Biz Serve IT, shed light on Nepal’s cybersecurity landscape, stating, “The increasing rate of cyberattacks in Nepal calls for awareness programs to be introduced at the school level. With the rise in internet users and the growth of the e-commerce sector, these areas have become prime targets for cybercriminals, escalating risks and challenges.”
He added, “Most cyberattacks in developed countries aim to access critical data. Security agencies, politicians, and journalists, who hold significant information, are often the main targets.” Globally, military, finance, and business sectors face the highest number of attacks, while Nepal’s banking and e-commerce sectors remain the most vulnerable.
NAS-IT General Secretary Dipen Chapagain emphasised the scarcity of experts in emerging technologies and cybersecurity in Nepal, highlighting that the risks faced by the country extend to the broader region.
Prakash Thapa, Director of LogPoint, expressed the company’s willingness to collaborate with the government and stakeholders to mitigate cybersecurity risks. Thapa noted that LogPoint, with over 15 years of experience in the technology sector, primarily in Europe and America, is well-positioned to contribute expertise in addressing these challenges.
NAS-IT Treasurer Abhay Paudel highlighted that technological advancements have also increased security challenges, underlining the need for proper education, awareness, and collaboration with policymakers to tackle these issues effectively.
