ISLAMABAD: In response to rising regional tensions following India’s recent military aggression, Pakistan has intensified its cybersecurity protocols to protect key financial infrastructure, particularly within its capital and currency markets, from potential cyberattacks.
A high-level emergency session was convened at the Ministry of Finance conducted a swift risk assessment.
The discussion focused on the potential threat of Indian-backed cyber activities targeting Pakistan’s financial systems.
As a precaution, the Securities and Exchange Commission of Pakistan (SECP) has moved to restrict international access to specific digital platforms, aiming to neutralize any looming cyber threats.
The timing of these decisions coincided with Finance Minister Senator Muhammad Aurangzeb’s meeting in London with UK Minister of State for South Asia, Hamish Falconer.
During the discussion, Minister Aurangzeb condemned India’s unprovoked strikes on Pakistani civilians, including those in Azad Jammu and Kashmir, which had resulted in 26 fatalities.
He affirmed Pakistan’s right to defend its sovereignty and reiterated its call for an impartial probe into the Pahalgam incident—an offer previously rejected by India.
According to a Finance Ministry release, the Minister urged the global community to take a clear stance against India’s unilateral aggression and emphasized the urgency of resolving the Jammu and Kashmir dispute to ensure lasting peace in South Asia.
Minister Falconer extended condolences for the civilian casualties and expressed hope that the region would move toward de-escalation through diplomatic dialogue and engagement.
Back in Islamabad, the emergency finance meeting was attended by the State Bank Governor, SECP Chairman, Finance Secretary, and other senior finance officials.
They undertook a comprehensive review of the ongoing situation, with a focus on assessing threats to the equity, foreign exchange, interbank, and debt markets.
The Finance Ministry emphasized that maintaining stability in the financial markets is a top priority, noting that robust measures have been enacted to ensure operational resilience.
The government reiterated its commitment to business continuity and reassured market participants that Pakistan’s financial system remains secure.
Participants of the meeting also agreed on reinforcing cybersecurity and communication infrastructure across all financial entities.
This includes safeguarding trading platforms, interbank systems, and other mission-critical services against both physical and digital threats.
Regular monitoring and situation reviews were also agreed upon to adapt to evolving threats in real time.
The Finance Minister emphasized that all concerned institutions are working in close coordination to maintain financial stability and national economic integrity amid the challenging geopolitical environment.
Separately, the SECP held an urgent session with leaders of the Capital Market Infrastructure Institutions (CMIIs), including the Pakistan Stock Exchange (PSX), the National Clearing Company of Pakistan Limited (NCCPL), and the Central Depository Company (CDC).
The meeting reviewed contingency protocols to ensure uninterrupted operations of capital markets.
During the session, the SECP instructed all CMIIs to immediately escalate their cybersecurity defenses and implement comprehensive business continuity strategies.
These measures include securing trading, risk management, clearing, and settlement systems, along with enhancing physical security at all operational sites.
The SECP reaffirmed its commitment to maintaining market stability and protecting investor confidence. It also pledged ongoing vigilance and communication with stakeholders as the situation unfolds.
In a statement, the SECP urged all market participants to continue their activities without disruption, assuring them that both the Commission and the CMIIs are closely monitoring developments to uphold the integrity of Pakistan’s financial markets.
