Aurangzeb chairs meeting on financial cybersecurity preparedness

ISLAMABAD: (Web Desk) – Muhammad Aurangzeb chaired a high-level virtual meeting with presidents and CEOs of commercial banks, along with Chief Information Security Officers (CISOs), to review cybersecurity preparedness across Pakistan’s financial sector.

The meeting focused on strengthening digital security in light of rising technological risks and increasingly sophisticated cyber threats targeting financial systems. Participants emphasized the need to protect critical banking infrastructure as the sector continues its rapid digital transformation.

During the briefing, officials highlighted emerging risks, including AI-driven cyber tools capable of detecting vulnerabilities, developing attack methods, and executing complex multi-layered breaches. Concerns were raised over potential exposure in digital banking platforms, payment systems, and core financial networks.

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The discussion also examined international experiences, noting that countries such as Japan and India have faced growing cybersecurity challenges in digital financial ecosystems. These examples were discussed as reference points for improving Pakistan’s own defensive capacity.

Participants were informed about global policy trends, where financial regulators and central banks are increasingly treating AI-related cyber threats as systemic risks, with coordination taking place through international platforms such as IMF–World Bank meetings and bilateral consultations.

The Finance Minister stressed that cybersecurity must remain a top policy priority as Pakistan’s financial ecosystem expands digitally. He called for a structured approach focused on immediate risk reduction, medium-term capacity building, and long-term resilience.

He instructed the State Bank of Pakistan and the Pakistan Banks Association to conduct a comprehensive review of existing frameworks, identify gaps, and strengthen cyber risk management systems across the banking sector.

The meeting concluded with agreement on improving coordination among regulators, banks, and technical teams, along with enhancing threat intelligence sharing and upgrading legacy systems to align with global cybersecurity standards. Officials also emphasized turning policy discussions into actionable measures with clear institutional responsibility.

Senior officials from the Finance Ministry, representatives of commercial banks, and the Chairman of the Pakistan Virtual Asset Regulatory Authority also attended the meeting.