‘Cyber security, data privacy new challenges for banks’

Published March 31, 2019
Speakers highlight importance of risk culture inculcated within organisations.— AFP/File
Speakers highlight importance of risk culture inculcated within organisations.— AFP/File

KARACHI: Tech­no­lo­gical advancements have transformed financial services but challenges including cyber security issues, social media, data privacy and third party risks have emerged strongly, participants at a seminar hosted by the State Bank observed.

The ‘Internal Audit: Emerging Challenges and Effective Practices in Central Banks’ seminar hosted by the SBP under the aegis of Saarc Finance Forum at the National Institute of Banking and Finance was held between March 27-29, a press release issued by the bank on Saturday said.

Officials from the South Asian Association for Regional Cooperation (Saarc) central banks participated in the event.

Addressing the inaugural session, SBP Executive Director Qasim Nawaz said that until a few years ago, business process reengineering was at the core of innovation in banks.

While advancements in technology have further transformed the horizon of financial services, these innovations are also raising challenges of their own, he added. The Board and the senior management of State Bank are cognisant of the need to align its internal operations to the changing environment, and to promote innovation in the financial sector in a regulated environment, he stressed.

Keynote speaker Horst Simon discussed technological risks faced by businesses around the world. He highlighted the importance of risk culture inculcated within the organisation. He emphasised on the roles and responsibilities of the board, senior management and the employees to maintain a robust risk management mechanism.

Senior manager Pricewater­houseCoopers. Zayeem Bin Alam discussed the risks of cyber security, social media, data privacy and third party risks while offering an IT auditor’s perspective of how to address those risks by discussing controls.

SBP Director Payment Systems Department Syed Sohail Javaad shared the ongoing developments about digital payments, benefits of disruptive technologies to regulators, emerging risks and appropriate responses to these issues from the perspective of internal audit.

Delegates of Saarc central banks also presented their country papers at the event.

Published in Dawn, March 31st, 2019

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Budgeting without people

Budgeting without people

Even though the economy is a critical issue, discussions about it involve a select few who are not really interested in communicating with the people.

Editorial

Iranian tragedy
Updated 21 May, 2024

Iranian tragedy

Due to Iran’s regional and geopolitical influence, the world will be watching the power transition carefully.
Circular debt woes
21 May, 2024

Circular debt woes

THE alleged corruption and ineptitude of the country’s power bureaucracy is proving very costly. New official data...
Reproductive health
21 May, 2024

Reproductive health

IT is naïve to imagine that reproductive healthcare counts in Pakistan, where women from low-income groups and ...
Wheat price crash
Updated 20 May, 2024

Wheat price crash

What the government has done to Punjab’s smallholder wheat growers by staying out of the market amid crashing prices is deplorable.
Afghan corruption
20 May, 2024

Afghan corruption

AMONGST the reasons that the Afghan Taliban marched into Kabul in August 2021 without any resistance to speak of ...
Volleyball triumph
20 May, 2024

Volleyball triumph

IN the last week, while Pakistan’s cricket team savoured a come-from-behind T20 series victory against Ireland,...