KARACHI, June 21, 2025 — The National Institute of Banking and Finance-Pakistan (NIBAF Pakistan) and Risk Associates have entered into a strategic Memorandum of Understanding (MoU) aimed at significantly enhancing cybersecurity resilience across Pakistan’s financial sector. The signing ceremony took place at Risk Associates’ regional office in Karachi and marks a crucial milestone in cybersecurity capacity-building efforts.
The MoU was formally signed by Ms. Lubna Farooq Malik, Co-CEO of NIBAF Pakistan, and Dr. Aftab Rizvi, CEO of Risk Associates, in the presence of key executives from both institutions. This agreement establishes a dynamic framework for collaboration on cutting-edge training programs, technical advisory services, and knowledge-sharing initiatives tailored to the financial sector.
Under the agreement, NIBAF Pakistan and Risk Associates will work jointly to deliver advanced modules on cyber risk management, information security governance, digital forensics, and compliance with globally recognized standards such as PCI DSS and ISO/IEC 27001. The focus is to enhance not only organizational defenses but also individual skill sets within the industry.
Speaking on the occasion, Ms. Malik highlighted that the financial industry is rapidly evolving under the pressures of digital transformation and must simultaneously reinforce its defenses against cyber threats. “This collaboration between NIBAF and Risk Associates is essential for building technical capacity and developing human capital in Pakistan’s banking and financial ecosystem,” she stated.
Dr. Rizvi underscored the growing need for proactive, rather than reactive, cybersecurity measures. “Static systems can no longer protect financial institutions. With NIBAF Pakistan, we’re embedding agile, AI-driven frameworks into professional training to keep pace with the evolving cyber threat landscape,” he explained. He further emphasized the integration of machine learning, automated governance, and real-time threat detection into the training curriculum.
Through this strategic partnership, NIBAF will deliver targeted learning experiences for banking professionals, covering key topics including cyber threat intelligence, PCI compliance, incident response planning, and digital transformation best practices.
This collaboration represents a forward-looking investment in Pakistan’s cybersecurity infrastructure and positions NIBAF Pakistan as a leading institution driving innovation and excellence in digital risk preparedness. As the financial sector continues to modernize, such alliances will be vital to securing its digital future.