KARACHI: The State Bank of Pakistan (SBP) has launched “Cyber Shield” to enhance the protection of the banking system and its customers.
As part of its Vision 2028 agenda, the SBP announced today the launch of “Cyber Shield – the Cyber Resilience Strategy for Regulated Entities.” This significant initiative aims to strengthen the safety and robustness of the country’s banking and financial system.
The strategy is designed to better protect banks and financial institutions from cyber threats, ensuring that individuals and businesses can safely access financial services. It outlines a clear roadmap to help financial institutions strengthen their systems and controls, prevent cyber incidents, respond swiftly to emerging threats, and recover effectively from such events.
In light of increasingly sophisticated cyber threats facing the banking ecosystem, the strategy seeks to enhance the cyber defences of regulated entities through a holistic, forward-looking, and collaborative approach. It focuses on five key priorities:
Strengthening banks’ ability to withstand cyber incidents involves improving governance and accountability for cybersecurity. It’s essential to encourage cooperation and information-sharing across the financial sector while building a skilled cyber workforce. Additionally, continuously updating security practices is necessary to keep pace with new risks.
The SBP will closely monitor both global and domestic cyber developments and will update the strategy as necessary to address emerging threats. By bolstering cyber resilience across the banking sector, the SBP aims to protect customers, support digital innovation in a secure environment, and ensure financial stability.
