Financial infrastructure: Aurangzeb stresses need to strengthen cybersecurity

ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb here on Saturday said that strengthening cybersecurity is integral not only to protecting financial infrastructure but also to supporting Pakistan’s broader digital transformation and economic development objectives. The minister chaired a virtual meeting with Presidents and Chief Executive Officers of commercial banks, along with their Chief Information Security Officers (CISOs), said a press release issued by the Ministry of Finance. The meeting focused on enhancing cybersecurity preparedness across Pakistan’s financial sector in light of emerging technological risks and evolving threat dynamics. READ ALSO: Survey finds gaps in corporate cybersecurity policies Welcoming the participants, the Finance Minister 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. 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 discussion also drew on international experiences, noting recent cyber risk trends in countries such as Japan and India, where financial ecosystems have faced increasing exposure to attacks targeting digital payment platforms and interconnected systems. The participants observed that these developments offer valuable lessons for strengthening Pakistan’s defensive capabilities and institutional readiness. Participants were also apprised of evolving international policy responses to emerging AI-driven cyber risks. It was noted that finance ministries and central banks globally are increasingly treating such 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. The discussion highlighted that Pakistan’s ongoing engagement on these issues is aligned with global efforts to strengthen next-generation financial infrastructure, enhance cyber resilience, and promote responsible innovation in the financial sector. 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 legacy system vulnerabilities, and leveraging emerging technologies to strengthen detection and response mechanisms. The Finance Minister underscored the importance of adopting a structured and phased approach, focusing on immediate risk mitigation, medium-term capacity building, and long-term resilience. He urged the State Bank of Pakistan and the Pakistan Banks’ Association to undertake a comprehensive review of existing frameworks, identify key gaps, and assess all relevant aspects of cyber risk management and institutional preparedness. He further emphasised the need for close coordination among regulatory authorities, financial institutions, and technical teams to develop well-considered, actionable recommendations to strengthen the cybersecurity posture of the banking sector. 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. The meeting also reflected Pakistan’s active engagement in the evolving global discourse on cybersecurity, financial stability, and the responsible adoption of emerging technologies in the financial sector. The meeting was attended by the Governor, State Bank of Pakistan; the Chairman, Pakistan Virtual Asset Regulatory Authority; the Chairman, Pakistan Banks’ Association; senior officials from the Ministry of Finance; and representatives of commercial banks.

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