To boost cybersecurity resilience within Pakistan’s financial and fintech sectors, the National Institute of Banking and Finance, Pakistan (NIBAF-Pakistan), in collaboration with Risk Associates, recently conducted a two-day capacity-building training on the Payment Card Industry Data Security Standard (PCI DSS). The initiative reflects the forward-looking approach of State Bank of Pakistan, whose leadership continues to support digital security initiatives across the country’s banking and payment infrastructure.
The training brought together cybersecurity professionals and representatives from various banks and financial institutions, underlining a collective focus on strengthening security practices and ensuring safe digital payment ecosystems. Risk Associates, a globally recognized certification body and PCI Qualified Security Assessor (QSA), led the sessions, delivering technical knowledge and actionable guidance on the latest version of the standard—PCI DSS v4.0.
During the program, participants explored key focus areas such as payment security architecture, safeguarding cardholder data, and managing the compliance lifecycle. These themes are essential for financial institutions navigating increasingly complex cyber threats. By promoting these globally accepted practices, the initiative contributes to building a security-first mindset across the industry.
This effort highlights a strategic commitment to developing long-term cybersecurity capabilities in the country, especially in the rapidly evolving fintech space. It also supports Pakistan’s broader vision of nurturing a skilled cybersecurity workforce that can contribute meaningfully to financial markets in the Middle East and GCC, where demand for qualified professionals is expanding.
Co-CEO of NIBAF-Pakistan, Lubna Malik, emphasized the significance of the initiative by stating that the training represents a critical milestone in advancing the cybersecurity expertise of banking professionals. She noted that integrating international standards such as PCI DSS into NIBAF’s learning framework enables institutions to proactively manage digital threats and build customer trust.
Dr. Aftab Rizvi, CEO of Risk Associates, also highlighted the collaboration’s impact, describing it as a transformative step in Pakistan’s cybersecurity journey. He remarked that aligning with SBP’s strategic vision not only empowers financial institutions through the adoption of global benchmarks like PCI DSS but also helps establish a pool of local cybersecurity talent capable of meeting international expectations.
As digital payment platforms continue to grow, robust security frameworks like PCI DSS remain vital for protecting sensitive financial data and ensuring secure transactions. Risk Associates and NIBAF-Pakistan plan to build on this initial success by introducing further training programs focused on cybersecurity governance, ISO/IEC 27001, and evolving cyber threats affecting the financial sector.
