SBP launches ‘Cyber Shield’ strategy to bolster banking sector’s cyber resilience

The State Bank of Pakistan (SBP) on Monday launched “Cyber Shield – the Cyber Resilience Strategy for Regulated Entities” as part of its Vision 2028 agenda, aiming to strengthen the safety and robustness of the country’s banking and financial system.

In a statement, the central bank said the strategy seeks to protect banks and financial institutions from evolving cyber threats to ensure uninterrupted and secure access to financial services for individuals and businesses.

The SBP said the strategy provides a comprehensive roadmap for regulated entities to enhance their systems and controls, prevent cyber incidents, respond swiftly to emerging threats, and recover effectively from disruptions.

Highlighting the growing sophistication of cyber risks in the banking ecosystem, the central bank said the initiative adopts a holistic, forward-looking and collaborative approach to fortify cyber defenses across the financial sector.

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The strategy outlines five key priorities, including strengthening the ability of banks to withstand cyber incidents, enhancing governance and accountability for cybersecurity, promoting cooperation and information-sharing within the financial sector, developing skilled cyber talent, and continuously updating security practices to address emerging risks.

The SBP said it will closely monitor global and domestic cyber developments and revise the strategy as required to counter new and evolving threats.

By reinforcing cyber resilience across regulated entities, the central bank aims to safeguard customers, support secure digital innovation and maintain financial stability in the country.