Nepal Police has said it has not received enough reporting about cybercrime in banks and financial institutions, which has contributed to a rise in such illicit activities.

Speaking at an interaction on “Cyber Risk & Security” organised by Nepal Bankers’ Association (NBA),  SP Rabin Basnyat said financial institutions should have a clear understanding of when to engage security agencies.

In recent years, there have been increasing incidents of cybercrimes, such as hacking customers’ accounts and stealing money through fake debit/credit cards. Nepal Rastra Bank (NRB) has also issued a directive on cyber security.

NRB Governor Chiranjeevi Nepal said the financial sector has become more vulnerable than ever. “In order to mitigate such risks, all the stakeholders must work together,” he said, adding the NRB is aware of these issues and is ready to offer necessary support and assistance to banks.

NBA President Upendra Poudyal stressed on the need for the banking industry to become more vigilant. “The central has a key role to play, and a close cooperation between the central bank, law enforcement agencies and banking industry is required,” he said.

Speakers said operational and human errors leave a loophole for outsiders to conduct cybercrime, which must be addressed.

They also stressed on increasing awareness about cybercrime and explore the possibility of having insurance for cybercrime.