KARACHI: (APP) State Bank of Pakistan's cyber security instructions on Thursday issued guidelines in the areas of risk ownership and management responsibility; periodic evaluation and monitoring of cyber security controls; regular independent assessment and tests, and industry collaboration and contingency planning.
The new instructions require the Board of Directors (BoD) of the institutions to regularly evaluate the adequacy of cyber security systems and action plans with regard to emerging cyber threats , in a statement issued here by SBP .
The senior management is required to ensure that an organizational plan of action for cyber security management exists in each institution and is regularly reviewed and updated for implementation.
The SBP has always proactively strived to provide an enabling regulatory framework in order to cope with new threats. While the new technologies and their application in banking system has created new opportunities for the efficient and cost-effective delivery of services, these have also posed a number of new threats and risks.
The SBP has also advised the banks/DFIs/MFBs to make necessary arrangements to comply with the instructions latest by December 31, 2016.