December 09, 2021 (MLN): The developing robust cybersecurity protocols and regulations will improve the overall governance regime in financial institutions by making cybersecurity as a boardroom agenda of financial institutions, said Dr. Reza Baqir, Governor State Bank of Pakistan (SBP) while delivering the keynote speech at 13th The Islamic Financial Services Board (IFSB) Public Lecture Series in UAE on Wednesday.
Speaking on the occasion, Governor SBP highlighted significant issues and challenges surrounding cybersecurity faced by banks and enlightened the audience on the policy measures and regulatory initiatives undertaken by the State Bank of Pakistan in this regard.
He remarked that digitalization is one of the biggest disruptors of this millennium that is remodeling the real economy and the financial sector on a global scale.
He highlighted numerous business opportunities emerging due to recent trends in digitalization, which would spur growth across the economies. He emphasized that the interconnection and complexity of the financial system and the massive adoption of technology have created vulnerabilities, which necessitate the policymakers and regulators to stay vigilant and develop befitting policy measures to address the risks emerging through technological disruptions.
He also underscored the need to strengthen operational cyber resilience through promoting a culture of collaboration and coordination amongst the global financial industry to respond to cyber threats in real-time.
In his concluding remarks, he envisaged that central banks may develop and promote centers for regional cooperation and collaboration on cybersecurity.
IFSB, Malaysia organized the 13th Public Lecture Series on the theme of ‘Sustainability and Cyber Resilience’ on December 8, 2021, in Abu Dhabi, United Arab Emirates.
The Public Lecture was organized in collaboration with the Central Bank of UAE. The Lecture Series is a flagship event of the IFSB where eminent scholars of the global Islamic Financial Services Industry share their valuable insights on the pressing issues of the Islamic financial world. The 13th Public Lecture was organized as a side event to the 39th IFSB Council meeting.
Copyright Mettis Link News
29483
