January 21, 2022

Be ready for cyber-attacks, Governor State Bank warns

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Be ready for cyber-attacks, Governor State Bank warns

Be ready for cyber-attacks, Governor State Bank warns

KARACHI Dec 01-2021- Governor State Bank of Pakistan (SBP) Raza Baqir has warned that be ready for cyber-attacks, your system is the first line of defense.

Addressing the Pakistan Fan Tech Summit 2021, here on Wednesday, the SBP Governor said that cyber security has now become a multi-billion dollar industry.

He said that state and non-state advanced players of cyber security are active, advance players have the ability to shut down any institution.

Raza Baqir further said that new technology is an opportunity to move forward but with it comes cyber security risk, be prepared for cyber-attacks, your system is the first line of defense.

He said that digital financial services in Pakistan is advancing with new business model, contact us for digital idea to increase financial access in Pakistan.

The Governor SBP also said that the Pakistani economy was facing problems of limited documentation and financial access.

He said that digitization is the solution to two important problems of limited documentation and financial access, 5G technology, platform economy and open finance will accelerate digitization.

Raza Baqir said that after real time payments, they are introducing ‘person to person’ payment system by phone, standard QR code payments are being introduced soon.

He said that the framework of digital banking licensing will be provided soon, big players of digital banking should come and work in Pakistan.

The Governor SBP said that he was talking to domestic and international stakeholders on promoting open finance.