In wake of recent hacking attempts made at the online banking systems in Pakistan, The State Bank has issued guidelines for cyber security improvements.

State Bank of Pakistan has advised commercial banks and other financial institutions to continuously beef up the cyber security in order to detect and avoid any data theft and hacking attempts.

These guidelines require Board of Directors and senior management of financial institutions to regularly assess the adequacy of cyber security systems and devise a plan of action to counter hacking attempts.

The banks, MFBs and DFIs are required to make necessary arrangements to comply with the instructions latest by Dec 31, 2016

State Bank of Pakistan

Cyber threats have grown rapidly all over the world and there has been many major hacking attempts at financial institutions. Despite the modern tools to protect sensitive data, hackers always find new ways to penetrate.