State Bank Pakistan puts together cybersecurity wing to tackle growing cyberattacks
Similarly, to combat cyber attacks, it is important to have a joined effort at the international level.
The State Bank of Pakistan SPB is putting together a wing, dedicated to curbing cyberattacks and online financial fraud.
According to a report issued by the bank on ‘Financial Stability Review 2021,’ the division will be named ‘Computer Emergency Response Team (FinCert), and will be set up under the mandate of National Cyber Security Policy 2021 by the Ministry of Information Technology and Telecommunication.
SBP’s new cyber wing
The new cyber wing will supplement the information flow in a real-time environment among stakeholders so that action can be taken against cyberattacks in an impactful manager. It will also help in effective coordination between regulators and members of the industry.
The report emphasized that the industry should invest its resources into battling against cyber attacks, as an attack on any one financial institution will have implications on the rest of the system. Instructions, along with standardized formats to financial institutions have been submitted already to collect information on digital banking frauds through call centers.
Similarly, to combat cyber attacks, it is important to have a joined effort at the international level. These attacks are global in nature, and only through the collaboration of regulatory and supervisory authorities can they be dealt with.
Banking Supervision Group
SBP has also established a vision in its Banking Supervision Group to supervise risks of cyber attacks. The main objective is to delineate supervisory activities for looking over financial institutions according to their size and complexity.
A risk-based approach leads to rigorous oversight of FIs that constitute an increased risk to the financial system. The supervisory process includes onsite and offsite assessments. The SBP is deploying these policies in phases. This way, sufficient time will be given to FIs to strengthen their own cybersecurity systems before employing advanced technological systems in business operations.
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