Business Recorder
Strengthening cyber resilience must remain a central policy priority, said Finance minister Muhammad Aurangzeb on Saturday as he chaired a virtual meeting on strengthening cybersecurity preparedness in the financial sector. Presidents and chief executive officers of commercial banks, along with their chief information security officers were part of the meeting. “The meeting focused on enhancing cybersecurity preparedness across Pakistan’s financial sector in light of emerging technological risks and evolving threat dynamics,” the Finance Division said in a statement. “Welcoming the participants, the finance minister appreciated the active engagement of financial institutions, regulators, and technical experts, and underscored the importance of coordinated efforts to safeguard critical financial infrastructure. He emphasised that as Pakistan’s financial ecosystem continues to digitise, strengthening cyber resilience must remain a central policy priority.” Also read: SBP launches ‘Cyber Shield’ strategy to bolster banking sector’s cyber resilience A presentation was delivered outlining the evolving cyber threat landscape, including the growing sophistication of AI-enabled cyber tools capable of identifying vulnerabilities, developing exploits, and executing multi-stage attacks at “unprecedented speed”, the statement added. “The presentation highlighted potential exposure across digital banking channels, payment systems, and core financial infrastructure, while emphasising the need for enhanced vigilance and preparedness. “The discussion also drew on international experiences, noting recent cyber risk trends in countries such as Japan and India, where financial ecosystems have faced increasing exposure to attacks targeting digital payment platforms and interconnected systems. Participants observed that these developments offer valuable lessons for strengthening Pakistan’s defensive capabilities and institutional readiness.” Participants were also apprised of evolving international policy responses to emerging AI-driven cyber risks, the Finance Division said. “It was noted that finance ministries and central banks globally are increasingly treating such developments as high-priority systemic concerns, engaging through coordinated high-level platforms, including the IMF–World Bank Spring Meetings and bilateral consultations with major financial institutions.” As per the meeting details, participants deliberated on enhancing coordination between regulators, financial institutions, and other stakeholders, while strengthening governance frameworks and aligning cybersecurity policies with evolving global standards. “Emphasis was placed on improving threat intelligence sharing, addressing legacy system vulnerabilities, and leveraging emerging technologies to strengthen detection and response mechanisms.” The finance minister underscored the importance of adopting a structured and phased approach, focusing on immediate risk mitigation, medium-term capacity building, and long-term resilience. He noted that strengthening cybersecurity was integral not only to protecting financial infrastructure but also to supporting Pakistan’s broader digital transformation and economic development objectives, the statement said. Aurangzeb also urged the State Bank of Pakistan (SBP) and the Pakistan Banks’ Association (PBA) to undertake a comprehensive review of existing frameworks, identify key gaps, and assess all relevant aspects of cyber risk management and institutional preparedness. Also read: Digital economy as Pakistan’s next economic doctrine He further emphasised the need for close coordination among regulatory authorities, financial institutions, and technical teams to develop well-considered, actionable recommendations to strengthen the cybersecurity posture of the banking sector. “The meeting emphasised the importance of translating policy intent into effective implementation through enhanced coordination and clearly defined institutional responsibilities. Participants agreed on the need to develop actionable measures and ensure their timely execution to safeguard Pakistan’s financial ecosystem against evolving cyber threats,” the Finance Division said.
Go to News Site