KARACHI: As part of its Vision 2028 agenda, the SBP announced the launch of “Cyber Shield – the Cyber Resilience Strategy for Regulated Entities”, a major initiative aimed at strengthening the safety and robustness of the country’s banking and financial system.
The strategy is designed to better protect banks and financial institutions from cyber threats, thus ensuring that people and businesses can continue to access financial services safely. It sets out a clear roadmap to help financial institutions strengthen their systems and controls, prevent cyber incidents, respond quickly when cyber threats materialize, and recover effectively from such incidents.
As the banking ecosystem faces increasingly sophisticated cyber threats, the strategy aims to enhance cyber defenses of the regulated entities through a holistic, forward-looking and collaborative approach.
It focuses on five key priorities: strengthening the ability of banks to withstand cyber incidents, improving governance and accountability for cybersecurity, encouraging cooperation and informationsharing across the financial sector, building skilled cyber talent, and continuously updating security practices to keep pace with new risks.
The SBP will closely monitor both global and domestic cyber developments and will update the strategy as needed to address emerging threats. By strengthening cyber resilience across the banking sector,
SBP aims to safeguard customers, support digital innovation in a secure environment and ensure financial stability.
