State Bank of Pakistan has asked banks, FIs, and MFBs to take proactive measures to combat potential cyber-attacks and use a single platform through which timely information can be shared between all the parties, ensuring immediate detection of any possible attack and allowing timely action to be taken in the case of an unfortunate event.
Banks will have the responsibility to gather all the relevant information from relevant parties like FIs, DFIs, other banks, service providers, and utility providers to counter any cyber-attack that may be witnessed.
Banks will have to make sure that they share all the relevant information and setup a secure method to reduce cyber threats. Banks will also have the responsibility to equip themselves with new technological advancements which would help them with countering current and upcoming cyber-attacks. The central bank has also asked all banks to upgrade their IT systems by the end of this year.
The decision to upgrade systems and procedures has been taken to make sure that due compliance is followed. State Bank has issued a guideline which requires the Board of Directors to regularly monitor cyber security systems and take necessary actions in case there is any emergency threat.
The framework that State Bank of Pakistan has introduced requires the bank to cover cyber security, business continuity, project management, and other frameworks. Proper operating software, applications, servers and databases should be installed, while other unnecessary programs should be deleted.
Cyber threats are increasing globally and countries are looking for effective ways to combat these threats by further strengthening their security systems.