SBP introduces ‘Cyber Shield’ to improve banking security in Pakistan

The State Bank of Pakistan (SBP) has officially launched ‘Cyber Shield-the Cyber Resilience Strategy for Regulated Entities’, a major initiative which will boost the safety and robustness of the country’s banking and financial system.

SBP said the strategy will protect banks and financial institutions from cyber threats to ensure that people and businesses can continue to access financial services safely. It sets out a clear roadmap to assist financial institutions strengthen their systems and controls, prevent cyber incidents, respond quickly when cyber threats materialise, and recover effectively from such incidents.

The central bank focuses on five key priorities, which include: 

1. Strengthening the ability of banks to withstand cyber incidents.
2. Improving governance and accountability for cybersecurity.
3. Encouraging cooperation and information-sharing across the financial sector.
4. Building skilled cyber talent.
5. Continuously updating security practices to keep pace with new risks.

Moreover, it will closely monitor both global and domestic cyber developments and will update the strategy as needed to address emerging threats. 

The milestones laid down in the strategy will be implemented in a phased manner by 2030. All regulated entities need to align their internal cybersecurity programs with the strategy to ensure compliance.