Finance Minister Muhammad Aurangzeb on Saturday chaired an important virtual meeting focusing on strengthening cyber security in Pakistan’s financial sector, bringing together heads of commercial banks and leading experts, according to an official statement.
During the meeting, the finance minister emphasized that protecting Pakistan’s financial system from growing cyber threats remains a top government priority. He noted that with the rapid expansion of digital banking, cyber security must be given central importance in policymaking.
Participants were briefed that modern cyber attacks—particularly those driven by artificial intelligence—have emerged as a complex and evolving challenge. Advanced AI tools are now capable of identifying system vulnerabilities quickly and executing multi-stage cyber attacks, posing serious risks to digital banking channels, payment systems and overall financial infrastructure.
Aurangzeb stressed the need for close coordination among regulators, banks and technical experts to safeguard the system. He highlighted that recent cyber attack trends in countries such as Japan and India offer important lessons for Pakistan.
The meeting participants noted that globally, central banks and finance ministries are treating cyber security as a systemic risk. Consultations led by institutions such as the International Monetary Fund (IMF) and the World Bank (WB) are underway to address cyber vulnerabilities in financial systems. Pakistan, the participants said, is actively contributing to these global discussions on digital financial stability.
The minister called for a coordinated, phased and actionable strategy to counter cyber threats. He stressed the importance of simultaneously addressing immediate risks, improving medium-term efficiency and ensuring long-term resilience.
The meeting underscored the need to enhance threat intelligence sharing and strengthen institutional collaboration. Those in attendance agreed that upgrading outdated and vulnerable systems is critical to reducing cyber risks, while the use of modern technologies can significantly improve the timely detection and response to cyber attacks.
The finance minister directed the State Bank of Pakistan (SBP) and the Pakistan Banks Association to carry out a comprehensive review of the existing cyber security framework. He also instructed authorities to identify gaps in cyber risk management and present practical recommendations.
Highlighting the broader economic implications, Aurangzeb stated that strengthening cyber security is essential for the growth of Pakistan’s digital economy. He emphasized that clear responsibilities and integrated systems are necessary to ensure effective implementation of policy measures.
The meeting concluded with consensus on taking immediate and effective steps to protect the financial system from modern cyber threats.