Karachi, December 6, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday raised concerns over the growing menace of cybercrimes, warning that such activities are adversely affecting Pakistan’s digital economy.
A session addressing the rising incidents of mobile phone, email, and social media hacking was held at the Federation House. The event, organized by the FPCCI Central Standing Committee on Anti-Corruption, brought together business leaders and officials to discuss the challenges posed by cyber threats.
Impact on Digitalization
Saqib Fayyaz Magoon, Senior Vice President of FPCCI, emphasized that the increasing frequency of hacking and cybercrimes is obstructing Pakistan’s progress toward digitalization. He stressed that these incidents undermine trust in digital platforms, a critical component of a modern economy.
The Cashless Economy Shift
Magoon highlighted that while much of the world has embraced cashless economies, Pakistan lags behind due to vulnerabilities in its digital infrastructure. He urged the government and private sector to prioritize securing digital banking, online earning platforms, communication apps, and social media channels.
Identifying Hacking Sources
Aman Paracha, Vice President of FPCCI, called for immediate measures to determine whether the hacking incidents targeting Pakistani businesses are originating domestically or from abroad. He pointed out that knowing the source of these crimes is key to addressing the issue effectively.
Business Community Under Threat
Another Vice President of FPCCI, Asif Sakhi, stated that the business community has become a prime target for cybercriminals. He noted that online fraud and hacking have escalated, leaving many businesses vulnerable to significant losses.
FIA’s Resource Needs
Mujahid Akbar, Additional Director General Operations at the FIA, acknowledged the agency’s resource constraints. He stressed the need for additional human resources to combat cybercrime and hacking effectively.
Public Awareness and Education
Akbar underscored the importance of educating the public about cyber threats. He noted that ironically, educated individuals are more frequently targeted due to their reliance on digital platforms.
Progress in Tackling WhatsApp Hacking
While acknowledging a slight decline in WhatsApp hacking incidents, Akbar warned that considerable work remains to secure this and other communication platforms.
The session concluded with calls for greater collaboration between public and private sectors to combat cybercrimes and safeguard Pakistan’s digital economy.