The State Bank of Pakistan (SBP) on Tuesday announced the launch of Cyber Shield, a new strategy aimed at protecting banks and financial institutions from cyber threats. Introduced under the central bank’s Vision 2028 agenda, the initiative seeks to make Pakistan’s banking system safer for customers and businesses as digital banking continues to expand.
According to SBP, the Cyber Shield strategy provides a clear strategy for regulated entities to protect their systems, minimize the risk of cyberattacks, respond quickly to incidents, and recover effectively if disruptions occur. This move comes at a time when online threats are becoming more frequent and increasingly complex.
Over the past few years, Pakistan’s financial sector has seen fast growth in digital services, including mobile banking, online payments, and branchless banking. While this has improved access and convenience, it has also increased exposure to cyber risks, making better protection essentials.
The new framework focuses on five main areas. These include improving the ability of banks to withstand cyber incidents, strengthening governance and accountability around cybersecurity, promoting cooperation and information sharing across the sector, developing skilled cyber professionals, and regularly updating security practices to deal with emerging risks.
SBP said it will keep a close eye on both local and global cyber developments and update the strategy whenever required. The central bank will also oversee how banks and financial institutions implement the new framework to ensure consistent standards across the sector.