KARACHI: In a significant move to enhance cybersecurity and compliance within Pakistan’s financial services sector, the National Institute of Banking and Finance (NIBAF) and Risk Associates signed a memorandum of understanding (MoU) on Saturday.

The MoU was signed by Ms Lubna Farooq Malik, Co-CEO of NIBAF, and Dr Aftab Rizvi, CEO of Risk Associates, in the presence of senior officials from both organisations. The signing ceremony took place at Risk Associates’ regional office, marking the formal beginning of a strategic partnership.

The partnership aims to build institutional capacity in areas including cyber risk, information security governance, digital forensics, and compliance with international standards such as PCI DSS and ISO/IEC 27001.

Ms Malik stressed the urgent need for enhanced cyber readiness in the banking sector, noting that as the financial industry undergoes rapid digital transformation, it must simultaneously strengthen its cyber defences.

She highlighted that the collaboration would benefit banking professionals through focused capacity-building programmes that develop critical cybersecurity skills and awareness.

Dr Rizvi echoed these concerns, stating that static cyber defences are no longer sufficient in a fast-evolving regulatory and threat landscape. He added that the partnership will deliver technically advanced frameworks — including AI-driven threat modelling, automated governance, risk and compliance (GRC), and machine learning-based risk detection — to help professionals respond to complex threats with agility and precision.

Published in Dawn, June 22nd, 2025