by Pakistan’s financial sector has embarked on a new era of cybersecurity enforcement. The National Institute of Banking & Finance (NIBAF)—the State Bank of Pakistan’s premier banking education arm—has joined forces with Risk Associates, a globally recognized cybersecurity firm, to fortify the digital defenses of banks and fintech organization.
A Landmark Collaboration
The partnership began with a formal Memorandum of Understanding (MoU) signed in June 2025 by NIBAF Co-CEO Lubna Farooq Malik and Risk Associates CEO Dr. Aftab Rizvi in Karachi. This agreement forms the backbone of their shared mission—designing and delivering training and advisory services on cyber risk governance, digital forensics, and compliance with key standards like PCI DSS and ISO/IEC 27001.
Action in Motion: PCI DSS Training
Fast forward to August 7–8, 2025: The partnership delivered its first major initiative—a comprehensive two-day capacity-building program on PCI DSS v4.0 (Payment Card Industry Data Security Standard). This training was aimed at cybersecurity professionals from banks, fintech firms, and related institutions across Pakistan . Focus areas included payment security architecture, cardholder data protection, and compliance lifecycle management—critical for thriving amid a rapidly evolving cyber threat landscape.
Voices from the Helm
- Lubna Farooq Malik called the training a watershed moment, emphasizing that integrating global standards like PCI DSS into NIBAF’s programs consistently equips financial institutions to tackle modern cyber threats effectively.
- Dr. Aftab Rizvi lauded the collaboration as transformative. He highlighted the alignment with the State Bank of Pakistan’s digital security vision, noting that the joint focus on international benchmarks is building local cybersecurity talent capable of meeting global standards.
A Vision for Sustainable Security
This endeavor signals more than one-off training—it’s a long-term commitment. Both organizations intend to broaden the scope to include advanced cybersecurity governance, ISO/IEC 27001, and coverage of emerging threat domains, ensuring a continual elevation of Pakistan’s financial cybersecurity maturity.
Why It Matters
- Bridging Expertise Gaps
NIBAF and Risk Associates are building cyber skills right where they’re needed, pushing professionals in the banking and fintech sectors into the vanguard of secure digital operations. - Aligning with Global Norms
By embedding internationally recognized standards, Pakistan’s financial institutions can bolster trust among global partners, while safeguarding domestic infrastructure. - Strategic Capacity Building
The focus on PCI compliance, forensics, and governance lays a strong foundation to respond to—and anticipate—cyber threats effectively. - Catalyzing Regional Leadership
Nurturing cybersecurity proficiency not only secures Pakistan’s financial systems but also positions its talent as regional leaders in digital trust and cyber resilience.
In Summary
The NIBAF–Risk Associates partnership is more than a program—it’s a strategic leap forward, embedding cybersecurity excellence at the heart of Pakistan’s financial transformation. Through training, governance, and forward-looking frameworks, they’re forging a secure digital future for banking and fintech, both at home and beyond.
