The Pakistan Banks’ Association (PBA) has recently shared its insights and feedback with the State Bank of Pakistan (SBP) concerning the proposed amendments to the ‘Enterprise Technology Governance and Risk Management Framework for Financial Institutions’. The feedback was submitted on February 3, 2023, in response to SBP’s request for input on the draft amendments.
The amendments aim to align the framework with the latest developments in international best practices, information security standards, and the evolving cyber threat landscape. As cybersecurity requirements continue to evolve, it becomes essential for financial institutions to adapt and enhance their risk management strategies accordingly.
PBA’s Cyber Security Forum undertook a comprehensive review of the draft, focusing on potential cybersecurity challenges that could significantly impact banking operations. The feedback provided by PBA highlighted several key areas for consideration, where amendments were proposed by SBP:
- Cybersecurity Governance
- Integration of Cybersecurity in Enterprise Risk Management
- Strengthening Cybersecurity Controls
- Enhancing Cybersecurity Recovery & Response Mechanisms
- Cybersecurity Considerations in Third-Party Services
By collaborating with regulatory bodies like SBP and actively participating in such discussions, PBA continues to advocate for robust cybersecurity practices within the banking sector, ensuring a secure and resilient financial ecosystem for all stakeholders.
Source: PBA