The State Bank of Pakistan (SBP) has directed all the banks to immediately conduct self and a third-party audit of their cyber security and remove vulnerabilities.
“Failure to comply with the…instructions will lead to penal action by SBP including but not limited to the suspension of non-compliant digital payment products and services of the banks/MFBs (Microfinance Banks),” the central bank said in a notification on Wednesday.
Banks would remain liable to compensate their customers in case they lose money due to the cyber security breach in future, it said.
The central bank issued the much-needed instructions to the banks following a cyberattack on the country’s banking system late last month in which a bank reported a loss of Rs2.6 million. Reacting to the development, majority of the banks in the country switched off international payment schemes on their debit and credit cards temporarily or for an indefinite period.
“Banks/MFBs (Microfinance Banks) shall immediately carry out extensive vulnerability assessment and penetration testing to identify potential weaknesses in their Alternate Delivery Channels (ADCs) and payment systems including but not limited to card systems, RTGS (Real-time gross settlement systems), SWIFT (international wire transfers code), internet and mobile banking and agent-based and branchless banking etc,” the SBP said.
It further stated that the assessment reports along with action plans and timelines to address the vulnerabilities should be submitted to Payment Systems Department (PSD) latest by March 31, 2019. The banks shall arrange independent third party review/assessment of all the payment mechanism and submit such assessment reports to PSD latest by December 31, 2019.
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