‘Vigilance needed for financial system’s safety’

Deployment of IT has helped attain efficiency, but also increased risks: SBP.

KARACHI: State Bank of Pakistan (SBP) Deputy Governor Muhammad Kamran Shehzad has said that in view of the critical importance of information technology for banking and financial sectors, there is a need to exercise constant vigilance for the safety of the financial system.

Speaking at the 7th International Information Security Conference (InfoSec 2011) on Tuesday, he said that structured, well-defined and documented security policies, standards and guidelines are the cornerstones for good information system security.

He said that each institution is required to define, document, communicate, implement and audit information security to ensure confidentiality, integrity and timely availability of information.

He said that the deployment of information technology in financial institutions has helped in attaining better systemic efficiency while at the same time introduced new areas of risk and threats apart from the risk inherent in the financial activities.

Published in The Express Tribune, October 19^th, 2011.