Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired a virtual meeting with key figures from Pakistan’s banking sector to address cybersecurity preparedness amid rising technological risks. The meeting, which included Presidents, Chief Executive Officers, and Chief Information Security Officers of commercial banks, focused on safeguarding the nation’s financial infrastructure as digitization progresses.
According to Press Information Department, the Finance Minister emphasized the critical need for coordinated efforts between financial institutions, regulators, and technical experts to enhance cyber resilience. A presentation during the meeting detailed the sophisticated nature of AI-enabled cyber threats and their potential impact on digital banking channels and payment systems, underscoring the urgency of vigilant preparedness.
Drawing from international examples, participants discussed recent cyber risk trends in countries like Japan and India, acknowledging the lessons they offer for fortifying Pakistan’s defensive capabilities. Global policy responses to AI-driven cyber risks were also examined, highlighting the importance of treating these developments as high-priority systemic concerns.
The meeting stressed the necessity of improving coordination among regulators, financial institutions, and other stakeholders, as well as strengthening governance frameworks. Emphasis was placed on threat intelligence sharing, addressing legacy system vulnerabilities, and using emerging technologies to enhance detection and response strategies.
The Finance Minister advocated for a structured approach focusing on immediate risk mitigation and long-term resilience, integral to protecting financial infrastructure and supporting Pakistan’s digital transformation. He called on the State Bank of Pakistan and the Pakistan Banks’ Association to review existing frameworks and develop actionable recommendations for strengthening the banking sector’s cybersecurity posture.
Participants concluded with a commitment to translate policy intent into effective implementation, ensuring timely execution of measures to protect Pakistan’s financial ecosystem from evolving cyber threats. The meeting reflected Pakistan’s active role in global cybersecurity discourse and emphasized the importance of responsible innovation in the financial sector.