Stakeholders warn of rising cybersecurity risks in Nepal

December 14, 2024, 03:13:19 PM |

KATHMANDU: Stakeholders have expressed concerns about Nepal’s financial sector being highly vulnerable to cyber attacks. This was highlighted during a program organized in Kathmandu by the Nepal Association for Software and IT Services Companies (NASIT) and the Tech Journos Forum (TJF) in collaboration with Logpoint.

Speaking at the program, Roshan Pokhrel, Chief Security Information Officer at Logpoint, emphasized that while technological advancements have made life easier, Nepal’s inadequate precautionary measures have rendered its position in cybersecurity precarious. He explained the types of cyber attacks that could target Nepal and shared strategies for prevention.

Pokhrel further pointed out the lack of awareness regarding cybersecurity in Nepal and the prevalence of scams through various mediums. He elaborated on the basic principles of cybersecurity, including how individuals can protect themselves and educate others on staying safe.

Similarly, Basudev Rawat, Director of Product Management at Logpoint, provided insights into confidentiality, integrity, and availability in cybersecurity. He discussed the nature, challenges, and management of cyber attacks, highlighting why and how such incidents occur, lessons that can be learned from other countries, and the specific vulnerabilities of different sectors in various nations.

Prabhat Pokhrel, cyber security expert and CEO of Bizserve, shared an overview of Nepal’s cybersecurity landscape, stating that the rate of cyber attacks in the country is rising. He stressed the need for awareness programs at the school level to address security concerns. As internet usage and e-commerce grow in Nepal, these sectors are increasingly becoming targets for criminals, escalating risks and challenges.

Most cyber attacks globally occur in developed countries, primarily due to attempts to access data held by key entities, including security agencies, politicians, and journalists. These groups are often central to such incidents. While military, financial, and business sectors face the highest number of attacks worldwide, Nepal’s banking and e-commerce sectors remain particularly vulnerable.

Dipen Chapagain, General Secretary of NASIT, highlighted the limited presence of cybersecurity experts in Nepal and emphasized that risks faced by Nepal and its citizens are shared concerns for all stakeholders.

Prakash Thapa, cyber security expert, mentioned that his company has been working in the technology sector in Nepal for the past 15 years, with its primary markets in Europe and America. He expressed a willingness to coordinate with the government and relevant stakeholders to apply their experience in cybersecurity to help mitigate risks in Nepal.

Abhay Paudel, Treasurer of NASIT, stressed that as technology advances, security challenges also increase. He called for collaboration between users and policymakers to ensure proper awareness and effective policies for addressing these challenges.