ATMs of Nabil Bank in the capital of Nepal, have been allegedly hacked by Chinese people. All online medias are running these headlines in bold today and probably all newspaper tomorrow will also publish this in their front-page tomorrow. This is not the first time; a bank has been hacked in Nepal. A few months ago, the Payment Gateway of NIC Asia was hacked resulting in loss of millions to the bank.
These are two cases which made it to the headline. But a security expert told us in a clause of not disclosing his name that, there are more cases of banks being hacked almost every month. But these cases do not become a news because Banks sort it out themselves and do not disclose it to the public fearing a loss in their trust.
Reserve bank has already set a investigation committee to overlook this case. Probably the investigation will recommend the banks to strengthen the security. And that’s it. Only after a few months, there will be more cases of hacking and government will set another committee only to recommend banks to improve their security. Reserve Bank has been quite active in regulating banks. But when it comes setting up standards for IT, Reserve Bank has always been a failure. There is no such regulations or guideline that instructs the bank to set a defined standard on their banking Infrastructures.
This is high time for government of Nepal to set the standards of IT and software.