Baqir for developing cyber security protocols

Says they will improve governance regime in financial institutions

KARACHI:

Digitalisation is one of the biggest disruptors of this millennium and it is remodeling the real economy and the financial sector on a global scale, said the State Bank of Pakistan (SBP) Governor Dr Reza Baqir.

Giving a speech at a conference titled “Cyber Security in the Era of Digitalisation: Regulatory Perspective” on Thursday, he highlighted the challenges and issues faced by banks related to cyber security. He also talked about the policy measures and regulatory initiatives taken by the SBP in this regard.

He pointed out that numerous business opportunities were emerging due to the acceleration of digitalisation and hoped that it would spur growth across economies.

“However, the interconnection and complexity of the financial system coupled with the large-scale adoption of technology have created vulnerabilities,” he said. “This makes it necessary for the policymakers and regulators to stay vigilant and develop befitting policy measures to address the risks emerging from technological disruptions.”

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Sharing his thoughts on the policy response to cyber security risks, the SBP governor stressed the need for developing robust cyber security protocols and regulations to improve the overall governance regime in financial institutions.

He also called for adding cyber security to boardroom agenda of the financial sector.

Baqir underscored the need to strengthen operational cyber resilience by promoting the culture of collaboration and coordination among global financial players to respond to cyber threats in real time. In his concluding remarks, he urged central banks to develop and promote centres of regional cooperation and collaboration on cyber security.

 

Published in The Express Tribune, December 10^th, 2021.

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