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State Bank Issues Cyber Security Guidelines To Banks

State Bank of Pakistan Issues Cyber Security Guidelines To Banks

Since the recent news of hacking of a local bank and resulting illegal transactions, State Bank of Pakistan has issued a set of guidelines to address the vulnerabilities in the networking systems of the banks. These guidelines are customer friendly and an effort has been made to protect the customers from illegal transactions. Some of the important guidelines are as under:-

a. From Jan 1, 2019, all banks will send transaction alerts (free of cost) to their customers through both SMS and email for all type of transactions continued.
b. Banks will enhance fraud monitoring capabilities and improve alert mechanisms, to detect potential fraudulent activities on their card systems latest by Jan 31, 2019.
c. Banks will make arrangements to monitor on 24/7 basis usage / activity regarding payments made through their cards or online transactions on internet banking platforms.

d. Banks are required to undergo assessments of their current systems to identify threats and vulnerabilities and submit their reports by 31 Mar 219.
e. The banks will immediately set reasonable per-day transaction limits as per the requirements of customers and their own risk assessment.
f. The banks have been made responsible for the losses to customers. If customer data is compromised, the bank will immediately protect them from further losses by taking immediate remedial measures and inform them within 48 hours about the action taken. Moreover, bank will compensate the loss within two business days.

Although these are just the rudimentary steps but they will go a long way in protecting customers and making banks responsible who in the past did not give customer data protection a high priority.

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