KARACHI: The State Bank of Pakistan (SBP) has launched 'Cyber Shield', a new cyber resilience strategy to fight rising cyber threats in the banking sector. This move is part of SBP's Vision 2028 agenda to make the financial system safer. With more online payments and digital banking, cyber crimes have increased. International experts say many Pakistanis face cybersecurity issues every second. According to SBP, banks have seen more cyber crime cases, but the situation is manageable if quick actions are taken. The strategy will be phased in until 2030. All regulated banks must follow this plan to stay safe. SBP said, 'The strategy will protect banks from cyber threats and keep financial services safe for people and businesses.' It also sets a clear roadmap for banks to prevent, respond, and recover from cyber attacks. SBP stated, 'The strategy aims to enhance cyber defenses with a holistic and cooperative approach.' A challenge is the shortage of cybersecurity experts in Pakistan, as many prefer better-paid jobs abroad. The Cyber Shield focuses on five goals: improving banks' ability to handle cyber incidents, strengthening governance, promoting cooperation across banks, building skilled cyber talent, and updating security practices. SBP added, 'We will monitor cyber threats closely and update the plan as needed.' This effort will help protect customers and support secure digital growth. A PwC survey showed 90% of bankers see cybercrime as the top threat, 70% worry about fraud, and 60% fear terrorism financing. The survey noted, 'Banks in Pakistan operate within a changing financial crime compliance ecosystem.'