Finance Minister Aurangzeb stresses need to strengthen cyber security

Islamabad (Web Desk): A high-level virtual meeting chaired by the Federal Finance Minister reviewed the growing cybersecurity challenges facing Pakistan’s financial sector, with participants agreeing on urgent measures to protect the banking industry and digital payment systems.

During the meeting, officials highlighted that artificial intelligence-powered cyberattacks are emerging as a major threat to the country’s financial infrastructure.

The finance minister stated that hackers are increasingly using advanced technologies to target digital banking systems, stressing the need to upgrade Pakistan’s cybersecurity defenses in line with international standards.

The finance minister issued key directives to the State Bank of Pakistan and the Pakistan Banks Association, including an immediate audit of existing security protocols across financial institutions and the removal of vulnerabilities in outdated legacy systems.

Authorities were also instructed to develop short-term, medium-term, and long-term strategies to counter cyber threats effectively.

Referring to recent cyberattacks reported in Japan and India, officials emphasized that Pakistan must learn from such incidents and strengthen its own digital infrastructure against evolving threats.

The meeting stressed that safeguarding financial infrastructure is directly linked to economic stability and growth. Participants also agreed to improve coordination and establish stronger mechanisms for the rapid exchange of cyber threat intelligence between regulators and financial institutions.

The finance minister reiterated Pakistan’s commitment to active participation in global cybersecurity discussions to gain access to the latest technologies and expertise.

At the conclusion of the meeting, participants pledged to ensure timely and effective measures to maintain public trust in the country’s banking system.