State Bank of Pakistan upgrades its security measures
On March 7, 2025, the State Bank of Pakistan
(SBP) announced a significant upgrade to its security measures, set to take
effect on May 30, 2025. The SBP is transitioning its Regulatory Approval System
(RAS) from a web-based platform to a Virtual Private Network (VPN)-based access
system.
As Pakistan's financial sector increasingly
embraces digital transformation, this move is designed to enhance the security
of interactions between the central bank and regulated entities (REs),
including banks and other financial institutions, in response to growing cyber
threats.
The SBP's circular on Friday highlighted the
shift, noting that RAS, a fully digitized platform, was created to streamline
the submission of requests from REs and the issuance of regulatory decisions by
the SBP. The system covers everything from proposal submissions to the
dissemination of regulatory decisions. "We’ve gone end-to-end
digital," the circular remarked.
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In conjunction with the RAS upgrade, a new
Service Desk System will be introduced, providing an online portal for
addressing RE complaints regarding SBP-hosted tools, such as RAS-related
issues. The shift to VPN access will replace open web connections with
encrypted, private links, enhancing the security of these systems.
The SBP has also urged REs to set up
Multi-Factor Authentication (MFA) accounts ahead of the deadline to ensure a
smooth transition. MFA provides an additional layer of security, requiring both
a password and a unique code for user authentication. The SBP emphasized the importance
of being fully compliant by May 30, assuring that uninterrupted access to RAS
and the Service Desk would be maintained.
This
move to VPN access represents a significant step in strengthening the security
of Pakistan's financial infrastructure as the country continues to embrace
digital banking.
Source: photonews.com.pk