ISLAMABAD: Finance Minister Muhammad Aurangzeb has urged the State Bank of Pakistan (SBP) and the Pakistan Banks’ Association (PBA) to conduct a comprehensive review of existing frameworks, identify key gaps, and assess all relevant aspects of cyber risk management and institutional preparedness.

Chairing a virtual meeting on Saturday to strengthen cybersecurity preparedness in the financial sector, the minister further emphasised the need for close coordination among regulatory authorities, financial institutions, and technical teams to develop well-considered, actionable recommendations to strengthen the banking sector’s cybersecurity posture.

The meeting was attended by presidents and chief executive officers of commercial banks, along with their chief information security officers (CISOs). It was also attended by the SBP governor, the Pakistan Virtual Asset Regulatory Authority chairman, and the PBA chief.

An official announcement said the issue requires special attention from the government in light of recent cyber risk trends in countries such as Japan and India, where financial ecosystems have faced growing exposure to attacks on digital payment platforms and interconnected systems.

Urges coordinated action across financial sector

A detailed presentation was delivered outlining the evolving cyber threat landscape, including the growing sophistication of AI-enabled cyber tools capable of identifying vulnerabilities, developing exploits, and executing multi-stage attacks at unprecedented speed. The presentation highlighted potential exposure across digital banking channels, payment systems, and core financial infrastructure, while emphasising the need for enhanced vigilance and preparedness.

The participants were also informed about evolving international policy responses to emerging AI-driven cyber risks. It was noted that finance ministries and central banks worldwide were increasingly treating these developments as high-priority systemic concerns, engaging through coordinated high-level platforms, including the IMF-World Bank Spring Meetings and bilateral consultations with major financial institutions.

Participants observed that these developments offer valuable lessons for strengthening Pakistan’s defensive capabilities and institutional readiness. The discussion highlighted that Pakistan’s ongoing engagement on these issues was aligned with global efforts to strengthen next-generation financial infrastructure, enhance cyber resilience, and promote responsible innovation in the financial sector.

The participants deliberated on enhancing coordination between regulators, financial institutions, and other stakeholders, while strengthening governance frameworks and aligning cybersecurity policies with evolving global standards. Emphasis was placed on improving threat intelligence sharing, addressing vulnerabilities in legacy systems, and leveraging emerging technologies to strengthen detection and response capabilities.

The meeting emphasised the importance of translating policy intent into effective implementation through enhanced coordination and clearly defined institutional responsibilities. Participants agreed on the need to develop actionable measures and ensure their timely execution to safeguard Pakistan’s financial ecosystem against evolving cyber threats.

Mr Aurangzeb appreciated the active engagement of financial institutions, regulators, and technical experts, and underscored the importance of coordinated efforts to safeguard critical financial infrastructure. He emphasised that as Pakistan’s financial ecosystem continues to digitise, strengthening cyber resilience must remain a central policy priority.

Published in Dawn, May 3rd, 2026