KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad on Friday cautioned that the cyber threat landscape has become increasingly complex, driven by highly skilled, well-resourced groups and further complicated by rising geopolitical tensions.

Addressing a ceremony recognising institutions and individuals for completing Pakistan’s first-ever industry-wide cybersecurity drills for the banking sector, he said that the domestic shortage of skilled cybersecurity professionals limits institutions’ ability to safeguard against cyber threats effectively.

The increasing interconnection and complexity of the financial system, combined with innovation and massive technology adoption, have introduced new risks and vulnerabilities.

“To provide a clear strategic direction and roadmap to the industry for enhancing overall cyber resilience of the banking sector, the SBP will soon issue a comprehensive Cyber Resilience Strategy for regulated entities. We are calling the strategy the Cyber Shield 2025-30,” the SBP chief said.

Says strategy coming soon to curb growing risks

This strategy will provide a forward-looking roadmap to enhance the financial sector’s ability to identify, protect, withstand, and recover from cyber threats. It is built on foundational pillars, including strengthening cyber resilience, maturing cybersecurity governance, enhancing collaborations and partnerships, developing a cyber workforce, and continuously evolving cybersecurity programmes.

The financial institutions have invested in capability, coordination, and crisis readiness — qualities that are now indispensable for safeguarding financial stability in an era of persistent and sophisticated cyber threats, he said.

He said in today’s environment, cyber resilience is measured not by whether cyber-attacks occur, but by how effectively we respond to them.

We at the SBP aim to uphold international best practices to ensure cybersecurity in the financial industry, he said, adding that under the Strategic Plan – Vision 2028 – resilience, trust and stability are foundational pillars of our financial industry.

“And in today’s highly digitalised and interconnected environment, cyber risk has emerged as one of the most significant threats to these pillars,” he said. It is no longer confined to IT systems or operational disruptions — it is a systemic risk with direct implications for financial stability, public confidence, and economic growth, he added.

He emphasised that cyber resilience cannot be achieved in isolation, adding that it requires collective preparedness, transparent information sharing, and trust between regulators and regulated entities.

“Initiatives such as these cybersecurity drills send a strong and reassuring signal that Pakistan’s financial system is proactive, prepared, and aligned with global standards,” he said.

Published in Dawn, January 24th, 2026