NIBAF & Risk Associates Fortify Banking, Fintech Cybersecurity with PCI DSS

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

The National Institute of Banking and Finance, Pakistan (NIBAF-Pakistan), in a significant move to fortify Pakistan’s financial and fintech sectors against cyber threats, recently collaborated with Risk Associates to deliver a two-day capacity-building training. This crucial program focused on the Payment Card Industry Data Security Standard (PCI DSS).

This pioneering initiative was driven by the forward-looking vision of the State Bank of Pakistan, whose unwavering commitment to digital security continues to champion a more resilient banking and payments ecosystem across the country.

The intensive session gathered cybersecurity professionals and representatives from leading banks and financial institutions, underscoring a collective dedication to safeguarding 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. They provided deep technical expertise and actionable insights tailored to PCI DSS v4.0.

The program meticulously covered core aspects such as payment security architecture, robust cardholder data protection, and effective compliance lifecycle management. These are vital components for institutions navigating today’s increasingly sophisticated and dynamic threat landscape.

This collaboration signifies a profound, long-term commitment to enhancing cybersecurity capabilities within Pakistan’s financial ecosystem, with a particular focus on the rapidly expanding fintech arena. Furthermore, it supports Pakistan’s broader ambition to develop and contribute highly skilled cybersecurity professionals to regional and global markets, including key financial hubs in the Middle East and GCC.

Lubna Malik, Co-CEO of NIBAF-Pakistan, shared her perspective on the initiative, stating, “This training marks a major milestone in NIBAF-Pakistan’s dedication to enhancing the cybersecurity capabilities of banking professionals across the nation. 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 successful completion, highlighting its impact: “Our collaboration with NIBAF-Pakistan marks a transformative moment for Pakistan’s cybersecurity landscape. By aligning with the State Bank of Pakistan’s vision, we are 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, robust and standardized security frameworks like PCI DSS are absolutely essential to protect sensitive data and enable trust-driven growth. Building on this success, Risk Associates and NIBAF-P are poised to expand their collaborative efforts. Future training programs will delve into advanced topics such as cybersecurity governance, ISO/IEC 27001, and strategies for confronting emerging threats shaping the financial sector.