The drill marked the launch of Mastercard’s new cybersecurity service in the country
Meezan Bank, Pakistan’s Premier Islamic bank, has become the first bank in Pakistan to host a Mastercard-led cyber security workshop, representing a significant advancement in cybersecurity preparedness for the country’s banking sector. The workshop marked the launch of Mastercard’s new cybersecurity service in Pakistan, which enables banks and other financial institutions to strengthen their resilience to cyber-attacks through real-world-scenario cyber simulations.
Run by Mastercard Advisors, the experience enables customers to practice and rehearse responses to complex cyberattack scenarios, developed by Mastercard’s cybersecurity experts based on the local and global cyberthreat landscape and security case studies.
Mastercard’s custom-built cybersecurity exercise for Meezan bank drew participation of Mr. Irfan Siddiqui – Founding President & CEO of Meezan Bank, senior members of the Bank’s management and its technical leaders. Mr. Irfan expressed his appreciation for the workshop, providing positive feedback on its impact and value.
“As the digital economy grows, it is important to enhance and optimize measures on cyber-security. In this complex digital landscape, Mastercard proactively works to build resilience and trust in the digital ecosystem. We are delighted to bring our global expertise to the Pakistani market with this groundbreaking initiative in partnership with Meezan Bank. Our joint exercise underscores the importance of preparedness and collaboration in mitigating cyber risks,” said Arslan Khan, Country Manager, Pakistan, Mastercard.
“At Meezan Bank, we are committed to safeguarding our customers’ financial assets and data from cyberthreats. The crisis simulation exercise conducted by Mastercard – the first-of-its-kind in the country, has been invaluable in enhancing our crisis response capabilities, and will help strengthen our reputation as a secure banking partner to Pakistan’s consumers and businesses,” said Syed Fahd Azam – Chief Information Security Officer, Meezan Bank.
According to Cybersecurity Ventures, cybercrime is predicted to cost the world $9.5 trillion this year, making it the equivalent of the third-largest economy globally. The Middle East and Africa is a highly targeted region, with Pakistan one of the most frequently targeted countries. Cybercriminals are homing in on organizations in the public, technology, and financial services sectors, using malicious techniques such as malware, ransomware and phishing.