Pakistan central bank, the State Bank of Pakistan (SBP) has instructed all the banks to exercise maximum care in the event of recent cyber-attack on payment system of BankIslami Pakistan.

Following the security breach, the central bank of Pakistan has temporarily suspended use of the bank’s cards for overseas transactions.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

In a precautionary measure, the apex bank of the country has asked all the lenders to implement all necessary measures to trace the vulnerability in their payment system. In the event of a cyber-attack banks should immediately take corrective actions.

In a statement, SBP said: “As a result of security breach of payment cards of one of the banks in Pakistan yesterday and their unauthorised use on different delivery channels i.e. at ATMs and POS in different countries, the bank has temporarily restricted usage of its cards for overseas transactions.

“The State Bank has instructed the bank to take all necessary measures to trace the vulnerability and fix it immediately. The affected bank has also been instructed to issue advisory on precautionary measures to be taken by customers.”

Additionally, SBP has instructed all the banks operating in the country to inform their customers about precautionary measures to be taken while doing card transactions.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Furthermore, the banks need to monitor user activity of their cards on a real-time basis, particularly overseas transactions, the central bank said.

In collaboration with banks, the central bank will continue to monitor these developments and take further measures as necessary.