NIBAF Partners with Risk Associates to Elevate Pakistan’s Banking & Fintech Cybersecurity

NIBAF Partners with Risk Associates to Elevate Cybersecurity in Banking, Fintech

In a significant stride towards fortifying Pakistan’s financial and fintech sectors against evolving cyber threats, the National Institute of Banking and Finance, Pakistan (NIBAF-Pakistan), recently joined forces with Risk Associates to conduct a pivotal two-day capacity-building training. The program centered on the Payment Card Industry Data Security Standard (PCI DSS), a crucial framework for safeguarding sensitive payment information.

This initiative underscores the visionary leadership of the State Bank of Pakistan, whose unwavering commitment to digital security continues to propel advancements across the nation’s banking and payments landscape.

The comprehensive session attracted a diverse group of cybersecurity professionals and representatives from leading banks and financial institutions, all united by a shared dedication to securing financial data and fostering trust in digital payment systems. Risk Associates, renowned globally as a PCI Qualified Security Assessor (QSA) and certification body, expertly guided the training. Their specialists delivered deep technical insights and actionable strategies pertaining to PCI DSS v4.0.

Key aspects covered during the program included robust payment security architecture, advanced cardholder data protection techniques, and effective compliance lifecycle management. These areas are vital for financial institutions navigating today’s complex and dynamic threat environment.

This collaboration signifies a long-term strategic commitment to bolstering cybersecurity capabilities within Pakistan’s financial ecosystem, particularly within the rapidly expanding fintech arena. Furthermore, it aligns with Pakistan’s ambition to cultivate and contribute highly skilled cybersecurity professionals to regional and global markets, especially across the thriving financial hubs of the Middle East and GCC.

Lubna Malik, Co-CEO of NIBAF-Pakistan, emphasized the training’s importance, stating, “This marks a major milestone in NIBAF-Pakistan’s commitment to enhancing the cybersecurity capabilities of banking professionals across Pakistan. By embedding international standards like PCI DSS into our learning framework, we are ensuring financial institutions are better prepared for today’s dynamic threat environment.”

Dr. Aftab Rizvi, CEO of Risk Associates, commented on the program’s success, highlighting that the partnership with NIBAF-Pakistan represents “a transformative moment for Pakistan’s cybersecurity landscape.” He further elaborated, “By aligning with the State Bank of Pakistan’s vision, our organization is not only empowering financial institutions with global standards like PCI DSS but also fostering local expertise to meet international benchmarks.”

As the adoption of digital payments continues to accelerate, the implementation of standardized, resilient security frameworks like PCI DSS becomes indispensable for protecting sensitive data and enabling trust-driven growth. Building on the success of this inaugural training, Risk Associates and NIBAF-Pakistan are poised to expand their collaboration, with plans for advanced courses encompassing cybersecurity governance, ISO/IEC 27001, and strategies to address emerging threats shaping the financial sector.