Banks Under Cyberattack, State Lags in Response
Summary
Cyberattacks on banks in Bangladesh and Nepal highlight global challenges in cybersecurity. Nepal faces significant gaps in digital forensics capabilities and law enforcement preparedness, underlining the urgent need for integrated expertise and transparency.
Key Points
- In 2016, hackers stole $88 million from Bangladesh's National Bank via the SWIFT system, with only $17 million recovered.
- Nepal's NIC Asia Bank suffered a similar cyberattack during the Tihar festival, with unclear total losses.
- Nepal lacks advanced technical infrastructure and skilled manpower to investigate and respond effectively to cybercrime.
- Effective cybercrime investigation requires integrating physical and digital forensics, specialized training, and knowledge management, areas where Nepal is currently deficient.
