Pakistan’s technology and financial ecosystem continues to expand its focus on resilience and digital trust as SBP reaffirmed its commitment to international cybersecurity best practices for the banking sector. Addressing participants at the closing ceremony of Pakistan’s first banking industry wide cyber drill, Governor SBP Jameel Ahmad underscored the central bank’s emphasis on strengthening cyber preparedness across the financial industry. The event brought together key stakeholders from banks and financial institutions to assess collective readiness against cyber risks that are becoming increasingly relevant as digital banking services grow across the country.
During his address, the Governor stated that SBP consistently upholds international standards to ensure cybersecurity within the financial industry. He emphasized that these standards are critical to maintaining confidence in digital financial services and safeguarding sensitive financial data. According to him, the role of cybersecurity has evolved from being a technical concern to a core element of financial stability. As financial institutions rely more on interconnected systems and digital platforms, the importance of aligning with globally recognized security frameworks becomes essential for managing operational and systemic risks. The cyber drill was positioned as a practical exercise to test response mechanisms coordination and communication channels under simulated threat scenarios.
Governor Jameel Ahmad further highlighted that the industry wide cybersecurity drill marked an important milestone for Pakistan’s financial system. He noted that the exercise reflected growing maturity foresight and collective resolve among banks and regulators to confront emerging risks such as cyber threats. The drill enabled participating institutions to evaluate their incident response capabilities and identify gaps in preparedness while fostering collaboration across the sector. He added that such initiatives help build a shared understanding of threat landscapes and reinforce the importance of proactive risk management rather than reactive measures. By conducting the drill at an industry level SBP aimed to encourage uniform standards of preparedness across institutions of varying sizes and technological capacity.
The Governor also stressed that cyber risks continue to evolve alongside advancements in financial technology making continuous assessment and improvement necessary. He acknowledged the efforts of participating institutions in committing time and resources to the exercise and encouraged ongoing engagement in similar initiatives. According to him, collective efforts such as this drill contribute to a stronger more coordinated financial ecosystem that can respond effectively to cyber incidents without disrupting services or eroding public trust. The closing ceremony served as a reminder that cybersecurity is a shared responsibility requiring alignment between regulators financial institutions and technology teams. By prioritizing international best practices and industry wide collaboration SBP signaled its intent to further strengthen the cyber resilience of Pakistan’s financial system as digital adoption accelerates across the economy.
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