KARACHI: The State Bank of Pakistan (SBP) has introduced “Cyber Shield,” a wide-ranging cyber resilience strategy designed to tackle escalating global and domestic cyber risks facing the financial sector, in line with international best practices.
Launched under the central bank’s Vision 2028 agenda, the initiative seeks to reinforce the security and stability of Pakistan’s banking and financial system.
Banks have been witnessing a rise in cybercrime incidents, while international organisations estimate that one in every two Pakistanis encounters cybersecurity issues. With the rapid expansion of digital services and online payments, cyber risks have grown accordingly. Although bankers say the situation is not yet critical, they stress the need for swift action to contain threats and fortify the country’s banking framework.
Roadmap through 2030
“The milestones laid down in the strategy will be implemented in a phased manner by 2030. All regulated entities are required to align their internal cybersecurity programs with the strategy to ensure compliance,” said the SBP.
According to the central bank, the framework aims to better shield banks and financial institutions from cyberattacks, ensuring uninterrupted and secure access to financial services for individuals and businesses.
The SBP said the plan outlines a structured path for financial institutions to enhance system safeguards, avert cyber incidents, respond promptly when threats arise, and recover efficiently after disruptions.
“As the banking ecosystem faces increasingly sophisticated cyber threats, the strategy aims to enhance cyber defences of the regulated entities through a holistic, forward-looking and collaborative approach,” said the SBP.
Bankers pointed out that a shortage of qualified cybersecurity professionals remains a challenge, as many skilled Pakistani experts opt for higher-paying opportunities abroad. They also highlighted the absence of strong incentives to retain such talent domestically.
The SBP explained that Cyber Shield centres on five core priorities: boosting banks’ resilience against cyber incidents, strengthening governance and accountability in cybersecurity, promoting sector-wide cooperation and information exchange, developing skilled cyber talent, and continually updating security measures to address evolving risks.
“The SBP will closely monitor both global and domestic cyber developments and will update the strategy as needed to address emerging threats,” said the SBP.
By enhancing cyber resilience across the banking landscape, the central bank aims to protect customers, foster secure digital innovation, and maintain financial stability.
Earlier findings by PricewaterhouseCoopers (PwC) Pakistan revealed that around 90 per cent of bankers view cybercrime as the most significant challenge facing the country’s banking industry.
Seventy per cent list fraud as their major concern, and 60 per cent believe terrorism financing is the biggest threat, the survey showed.
“Banks in Pakistan operate within an evolving financial crime compliance ecosystem,” said the survey report.
