Nepal Bankers’ Association (NBA), in collaboration with Visa, organized a workshop titled “Cyber Security to Support Digital Nepal”. The main objective of the program was to enhance the understanding about global trends, current cyber threats and challenges that the banking and financing sector has been facing and to discuss actionable strategies to strengthen cybersecurity for the ecosystem.
In the opening remarks, Executive Director of NBA, Mr. Anil Sharma warmly welcomed all the participants and thanked for their participation and support. He highlighted the concerning increase in cyberattacks on financial institutions globally, noting that this poses a significant strategic challenge to the core functions of banks. In this regard, he suggested to proactively enhance the knowledge and strengthen system to stay ahead of from these threats. He further highlighted that protecting sensitive information, ensuring business continuity, safeguarding critical infrastructure, and promoting digital trust are vital for the stability and growth of banking industry as well as of the economy.
Sabbir Ahmed, Country Manager, Nepal, Bangladesh & Bhutan, Visa said “We are privileged to work closely with the Nepal Bankers’ Association and bring our knowhow and expertise in cybersecurity to work for the country. We believe greater awareness and interest in digital security can only accelerate the journey to a more digital society and we are happy to be a partner and ally in Nepal’s digitization endeavors.”
During the program, risk and cybersecurity experts from Visa provided deep insights on global security trends in digital payments. They highlighted the significant cyber threats affecting the digital payments landscape worldwide, including phishing, which has become increasingly prevalent and sophisticated. The discussion also centered around strategies the ecosystem participants can employ to combat different cyber threats and stressed the importance of strengthening cybersecurity systems.
After the presentation, the program continued with a panel discussion titled “Cybersecurity in the Age of a Fintech-Aware World – Network, Regulator, and Ecosystem Perspective where distinguished panelists Mr. Krishna Ram Dhunju, Director of Payment Systems Department of Nepal Rastra Bank, Mr. Raj Kumar Maharjan, Under Secretary, Ministry of Communications and Information and Technology, SP Mr. Deepak Raj Awasthi, Cyber Bureau, Nepal Police, Mr. Sanjib Subba, Fintech Enthusiast and Mr. Parmeswor Shrestha, NBA representative and Chief Digital Banking Officer of Nabil Bank Ltd. shared their thoughts, experiences, and best practices. They mainly highlighted the importance of collaboration among financial institutions, regulators, and law enforcement agencies to effectively address cyber threats.
During the program, Former President of NBA and CEO of Himalayan Bank Ltd. Mr. Ashoke SJB Rana, delivered remarks in which he highlighted the increasing vulnerabilities in cybersecurity, identifying it as a major challenge for the banking industry. He stressed the importance of raising awareness among management, board members and staff regarding the risks associated with cyber threat. Rr. Rana also highlighted the risks related to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT). To effectively manage these risks, he emphasized on need for a robust AML/CFT system. By implementing comprehensive security measures and fostering a culture of awareness and preparedness, Mr. Rana suggested that the banking industry can better protect itself against these growing threats and maintain the integrity and stability of financial institution.
The program was attended NRB officials, government officials, officials from Cyber bureau, officials from Bank and Financial Institutions, representative from fintech, among others.
