The State Bank of Pakistan (SBP) has established a full-fledged department, the Cyber Risk Management Department (CRMD), to address the country’s growing cybersecurity challenges. The CRMD has been set up under the Banking Supervision Group and will supervise cybersecurity risks for regulated entities both on-site and off-site.

As part of this initiative, the SBP has reorganized its existing three Banking Supervision Departments into two new departments: Banking Supervision Department-1 (BSD-1) and Banking Supervision Department-2 (BSD-2).

Analysts have lauded the SBP’s initiative, recognizing it as a significant step toward addressing the emerging issues and challenges in the banking sector. They suggested that financial institutions invest in advanced technology and human capital to strengthen their cybersecurity frameworks. Additionally, they emphasized the importance of educating customers regularly about cybersecurity risks. Analysts also recommended that the SBP strictly monitor the preparedness of financial institutions and penalize entities that fail to comply with its instructions in a timely manner.

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Institutions Assigned to Banking Supervision Department-1 (BSD-1)

1. Bank AL Habib Limited
2. MCB Bank Limited
3. National Bank of Pakistan
4. Samba Bank Limited
5. SILKBANK Limited
6. Soneri Bank Limited
7. Standard Chartered Bank (Pakistan) Limited
8. The Bank of Punjab
9. United Bank Limited

Islamic Banks
10. Al Baraka Bank (Pakistan) Limited
11. BankIslami Pakistan Limited
12. Dubai Islamic Bank Pakistan Limited
13. Faysal Bank Limited
14. Meezan Bank Limited
15. MCB Islamic Bank Limited
16. The Punjab Provincial Cooperative Bank Limited
17. Zarai Taraqiati Bank Limited

Foreign Banks
18. Bank of China Limited
19. Citibank N.A.
20. Deutsche Bank AG
21. Industrial & Commercial Bank of China Limited

Institutions Assigned to Banking Supervision Department-2 (BSD-2)

Commercial Banks

1. Allied Bank Limited
2. Askari Bank Limited
3. Bank Alfalah Limited
4. First Women Bank Limited
5. Habib Bank Limited
6. Habib Metropolitan Bank Limited
7. JS Bank Limited
8. Sindh Bank Limited
9. SME Bank Limited
10. Bank Makramah Limited
11. The Bank of Khyber

Microfinance Banks

12. APNA Microfinance Bank Limited
13. ASA Microfinance Bank Limited
14. FINCA Microfinance Bank Limited
15. Halan Microfinance Bank Limited
16. HBL Microfinance Bank Limited
17. Khushhali Microfinance Bank Limited
18. Mobilink Microfinance Bank Limited
19. NRSP Microfinance Bank Limited
20. LOLC Microfinance Bank Limited
21. Sindh Microfinance Bank Limited
22. Telenor Microfinance Bank Limited
23. U Microfinance Bank Limited

Development Finance Institutions (DFIs)

24. House Building Finance Company Limited
25. Pak Brunei Investment Company Limited
26. Pak China Investment Company Limited
27. Pak Oman Investment Company Limited
28. Pak Libya Holding Company Limited
29. Pakistan Kuwait Investment Company Limited
30. Pakistan Mortgage Refinance Company Limited
31. PAIR Investment Company Limited
32. Saudi Pak Industrial and Agricultural Investment Company Limited
33. Export-Import Bank of Pakistan

Other Entities

34. All Credit Bureaus, Payment System Operators (PSOs), Payment Service Providers (PSPs), Electronic Money Institutions (EMIs), and Development Banks (DBs).