Nepal | October 18, 2019

Security audit of BFIs compulsory

Himalayan News Service

Kathmandu, September 10

Nepal Rastra Bank (NRB) has made it mandatory for banks and financial institutions (BFIs) to conduct an audit of their information and technology (IT) system.

Issuing a directive today, the central monetary authority directed BFIs to regularly audit their IT system and promptly address the IT and security flaws that are detected. Similarly, NRB has also directed BFIs to adopt best international practices in the IT and security system at their respective firms.

The direction to this effect to BFIs has come after a recent heist in the banking system conducted by Chinese hackers where they were able to withdraw millions of rupees through ATMs of different banks through malware attack.

Similarly, the central bank has also directed the BFIs to prepare preventive, detective and responsive IT security strategies and implement them as soon as possible.

Likewise, NRB has also directed BFIs to standardise technologies related to perimeter defence, access control, encryption, anti-virus and firewall, among others, to cope with possible risks regarding cyber attack, malware virus and ransomware at BFI’s website, mobile applications, authenticated social networks and the entire information and technology system.

Along with this, NRB has also directed BFIs to raise awareness among office bearers on IT and security issues.

A version of this article appears in print on September 11, 2019 of The Himalayan Times.

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