Pakistan is Developing Cybersecurity System to Protect Financial Sector

National Clearing Company of Pakistan Limited (NCCPL) and NED, National Center for Cyber Security (NCCS) have partnered to develop a comprehensive AI-based solution that will enable smart and efficient security management, a press release said.

The initiative has been undertaken following the MoU ceremony between NCCPL and NED-NCCS in early February of 2020, to develop an AI-based cybersecurity solution named “Security & Threat Intelligence Platform”.

The new is said to have been developed in order to protect Pakistan’s financial sector and capital market from cybercriminals. The system will be developed at the national level which will improve Pakistan’s cybersecurity and save foreign exchange.

Pakistan’s financial institutions and large companies are vulnerable to hackers, which can break into networks of financial institutions at any time. To counter this risk, financial institutions opt for foreign software and solutions that are expensive and lead to the depletion of foreign exchange reserves.

NCCPL Chairman Humayun Bashir, NCCPL CEO Muhammad Lukman, NED Vice-Chancellor University Dr. Sarosh Hashmat Lodi, PSX CEO Farrukh Khan, Jaffer MD Business Systems Veqar-ul-Islam as well as Turkish Consul General Tolga UCAK, Virtusoft CEO Shoaib Ur Rehman and other top NCCPL and industry professionals were present at the ceremony.

This move is also being dubbed as an effort to promote the collaboration between the corporate sector and academia which will help create confidence in the technological advancements pertaining to cybersecurity.

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