In a move aimed at elevating the cybersecurity posture of Pakistan’s banking and financial ecosystem, the National Institute of Banking and Finance (NIBAF) and Risk Associates have formalized a strategic partnership through a Memorandum of Understanding (MoU) signed in Karachi. This collaboration is expected to play a pivotal role in building technical capacity, resilience, and compliance readiness within the country’s financial services sector.
The MoU was signed by Ms. Lubna Farooq Malik, Co-CEO of NIBAF Pakistan, and Dr. Aftab Rizvi, CEO of Risk Associates, during a ceremony held at Risk Associates’ regional office. Senior leadership and technical experts from both institutions were present at the event to mark the beginning of this long-term initiative.
Under the scope of this agreement, NIBAF and Risk Associates will jointly design and implement advanced cybersecurity training programs and advisory services focused on international standards such as PCI DSS and ISO/IEC 27001. The initiative is structured to enhance cyber resilience across banks and financial institutions by equipping professionals with actionable skills in areas like digital forensics, cyber governance, incident response, and threat intelligence.
Ms. Lubna Malik emphasized that as the financial sector undergoes rapid digital transformation, the responsibility to protect critical systems and data becomes even more urgent. “Financial institutions are navigating an increasingly complex threat landscape. This collaboration ensures that banking professionals are not only aware of emerging cyber risks but are equipped to tackle them with competence and strategic foresight,” she stated.
Dr. Aftab Rizvi highlighted the inadequacy of static defense models in the face of modern cyber threats. “Cybersecurity is no longer just a compliance checkbox. It demands continuous innovation and readiness. Through this partnership, we’re embedding global frameworks like PCI DSS and ISO standards alongside advanced tools such as AI-based threat modeling, automated GRC, and machine-learning driven risk analytics,” he remarked.
The training modules developed through this partnership will be tailored specifically for banking and financial services professionals. Key areas of focus include governance of information security, cyber threat analysis, regulatory compliance, and digital transformation strategies. These modules are designed not only to strengthen institutional resilience but also to cultivate a pipeline of cybersecurity talent that can effectively support Pakistan’s financial modernization efforts.
By combining NIBAF’s sector-specific expertise with Risk Associates’ global cybersecurity competencies, this initiative is positioned to bridge skill gaps, foster a security-first mindset, and embed best practices within Pakistan’s financial sector infrastructure.
This MoU represents a significant step forward in fortifying the digital defense architecture of Pakistan’s banks, promoting professional excellence, and aligning local institutions with global cybersecurity benchmarks. As financial institutions continue to digitize their operations, this collaboration ensures that security evolves in tandem with innovation.