SBP is­sues guide­lines on pre­ven­tion against cy­ber at­tacks

Pakistan Observer - - ECONOMY WATCH -

Cur­rency Sell­ing Buy­ing

AMANULLAH KHAN KARACHI—State Bank of Pak­istan (SBP) has is­sued guide­lines on pre­ven­tion against cy­ber at­tacks. Ac­cord­ing to a state­ment of the Cen­tral Bank is­sued on Thurs­day, through these guide­lines, the bank has ad­vised banks/ MFBs/DFIS to con­tin­u­ously im­prove their cy­ber se­cu­rity con­trols and pro­ce­dures so as to an­tic­i­pate, with­stand, de­tect, and re­spond to cy­ber at­tacks. The SBP’s cy­ber se­cu­rity in­struc­tions pro­vide guide­lines in the ar­eas of risk own­er­ship and man­age­ment re­spon­si­bil­ity; pe­ri­odic eval­u­a­tion and mon­i­tor­ing of cy­ber se­cu­rity con­trols; reg­u­lar in­de­pen­dent as­sess­ment and tests, and in­dus­try col­lab­o­ra­tion and con­tin­gency plan­ning.

The new in­struc­tions re­quired the Board of Di­rec­tors (BoD) of the in­sti­tu­tions to reg­u­larly eval­u­ate the ad­e­quacy of cy­ber se­cu­rity sys­tems and ac­tion plans with re­gard to emerg­ing cy­ber threats. The SBP fur­ther said that the se­nior man­age­ment was re­quired to en­sure that an or­ga­ni­za­tional plan of ac­tion for cy­ber se­cu­rity man­age­ment ex­ists in each in­sti­tu­tion and is reg­u­larly re­viewed and up­dated for im­ple­men­ta­tion. It may be noted here that cy­ber threats have be­come a global phe­nom­e­non and are con­tin­u­ally grow­ing in so­phis­ti­ca­tion and im­pact, de­spite the ad­vances in cy­ber-se­cu­rity tech­nolo­gies and prac­tices.

The SBP has al­ways proac­tively strived to pro­vide an en­abling reg­u­la­tory frame­work in or­der to cope with new threats. While the new tech­nolo­gies and their ap­pli­ca­tion in bank­ing sys­tem has cre­ated new op­por­tu­ni­ties for the ef­fi­cient and cost- ef­fec­tive de­liv­ery of ser­vices, these have also posed a num­ber of new threats and risks. The Cen­tral Bank state­ment said that the banks/DFIs/MFBs were re­quired to make nec­es­sary ar­range­ments to com­ply with the in­struc­tions lat­est by De­cem­ber 31, 2016.

IS­LAM­ABAD: Min­is­ter of State for IT, Anusha Rah­man chair­ing 187th board of di­rec­tors meet­ing of Tele­phone In­dus­tries of Pak­istan.

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