In a significant move to enhance cyber security in Pakistan’s rapidly evolving digital landscape, the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Telecommunication Authority (PTA) have joined forces.
The Chairman of SECP, Akif Saeed, and the Chairman of PTA, Major General (R) Hafeez Ur Rehman, convened a high-level meeting to explore mutual interests and reinforce cooperation between the two regulatory bodies.
During the meeting, both institutions engaged in constructive discussions on various key areas of interest, demonstrating their unwavering commitment to securing Pakistan’s digital and cyber space through collaborative efforts.
To formalize their partnership and pave the way for future joint initiatives, SECP and PTA decided to sign a Memorandum of Understanding (MoU). This MoU aims to strengthen the regulatory framework and enhance their ability to address issues within their respective domains more efficiently.
One crucial area of concern addressed during the meeting was illegal lending apps. To combat this issue, SECP and PTA agreed to establish a joint monitoring and reporting mechanism. This mechanism will ensure swift and appropriate action against illegal lending apps, protecting citizens from potential fraudulent practices.
During the discussions, Chairman SECP provided insights into the SECP framework for digital lending apps, emphasizing the role of cyber security auditors in certifying the confidentiality and security of these apps. SECP maintains a White list on its website to verify the legal status of digital lending apps operating in Pakistan.
Recognizing the growing digitization in the corporate and financial sectors, SECP briefed PTA on its ongoing efforts to develop a comprehensive cyber security framework. Seeking feedback from PTA, SECP aims to further strengthen the security measures in place.
In response, the Chairman of PTA appreciated SECP’s well-structured regulatory framework for lending apps, particularly highlighting the importance of data localization measures.
In a united effort to protect the public from potential risks associated with illegal digital lending apps, both regulators decided to launch a joint awareness campaign in Pakistan. This campaign seeks to educate citizens about the dangers posed by such apps, empowering them to stay vigilant and avoid falling victim to fraudulent practices.
With this collaborative approach, SECP and PTA are determined to foster a secure digital environment in Pakistan, promoting responsible and safe use of technology for the nation’s progress.