Pakistan's financial regulator alerts firms to cyber risks after conflict with India
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) on Friday cautioned local companies about heightened cybersecurity risks, days after a brief but intense conflict with India that, for the first time, saw both nations engage in cyber warfare alongside traditional military exchanges.
The recent hostilities, which included missile and artillery fire, also featured the deployment of drones and coordinated cyberattacks, an unprecedented escalation in the long-standing rivalry between the two nuclear-armed neighbors.
A ceasefire was brokered and announced on May 10, though the digital threat persists.
'The Securities and Exchange Commission of Pakistan (SECP) has issued an advisory to all the companies, in light of the recent geopolitical situation and resultant heightened cybersecurity threat alerts, urging companies to adopt cybersecurity best practices,' the regulator said in a statement.
The advisory outlined potential risks such as operational disruptions, data loss and reputational damage, recommending measures including stricter access controls, vulnerability assessments, incident response planning and user awareness training.
During the conflict with India, Pakistan's economic affairs ministry and the Karachi Port Trust (KPT) reported that their official X accounts had been compromised.
The KPT account briefly posted claims of significant damage from an Indian naval strike before the post was deleted and the agency stated its account had been hacked.
Pakistani officials also acknowledged launching retaliatory cyber operations targeting Indian government and financial websites.
Indian authorities reported over 1.5 million attempted cyber intrusions during the conflict, primarily attributed to Pakistan-based hacker groups.
The SECP's advisory highlighted the ongoing digital risks in the aftermath of the ceasefire, urging companies to bolster their cybersecurity defenses to protect critical infrastructure and sensitive data.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
an hour ago
- Arab News
Pakistan stock market hits record high on ADB funding boost, insurance sector buying
ISLAMABAD: The Pakistan Stock Exchange (PSX) surged to an all-time high of more than 120,000 points on Tuesday, with analysts attributing the rally to the Asian Development Bank's (ADB) financing package for Pakistan and strong buying by insurance companies in banking, fertilizer and power sectors. The benchmark KSE-100 index closed at an unprecedented high of 120,450.87 points, marking a gain of 1,573.07 points, or 1.32 percent, from the previous day's close of 118,877.80. The development follows the ADB's approval of an $800 million package to help Pakistan enhance fiscal reforms and economic stability, alongside the government's approval of over Rs800 billion for public sector development projects in the upcoming budget. 'Stocks closed all time high led by scrips across the board after ADB approval of $800 million financing package,' Ahsan Mehanti, CEO of Arif Habib Commodities, told Arab News. 'Government set FY26 growth target at 4.2percent and government approval for Rs880 billion PSDP in the federal budget FY26 announcements next week.' Mehanti said the anticipated budgetary relief for oil refineries, real estate and agriculture sectors, along with gains in rupee's value, played a catalytic role in the bullish close at the PSX. Raza Jafri, head of Intermarket Securities, said this was the first time the KSE-100 Index has ever closed above the 120,000-point mark. 'Strong buying by insurance companies in sectors such as banks, fertilizers and power led the market higher,' he said. The budget for fiscal year 2025–26 is expected to be presented in Pakistan's lower house of parliament on June 10, following the Eid Al-Adha holidays. Pakistan's annual inflation rate rose to 3.5 percent in May, though the country's macroeconomic outlook has improved in recent months, supported by a stronger current account balance, increased remittances and declining inflation. Authorities remain cautious as they aim to build on recent economic stabilization, guide the country toward gradual growth, and reaffirm their commitment to ongoing economic reforms.
Arab News
an hour ago
- Arab News
Russia urges normal India-Pakistan ties, eyes deeper counterterrorism cooperation with Islamabad
ISLAMABAD: Russian Foreign Minister Sergey Lavrov on Tuesday called for normal relations between India and Pakistan and expressed interest in closer counterterrorism cooperation with Islamabad during a meeting with a senior aide of Pakistan's Prime Minister Shehbaz Sharif in Moscow. The meeting came as Syed Tariq Fatemi, special assistant to the prime minister, began a visit to Russia weeks after India and Pakistan exchanged missiles, drones and artillery fire, following heightened tensions that ended with a US-brokered ceasefire on May 10. Pakistan has since call for a 'composite dialogue' with India to discuss all outstanding issues, though New Delhi has rejected direct talks after Washington said the two countries had agreed to meet at a neutral venue to defuse tensions. Both sides have also formed delegations to present their respective positions over the conflict to the international community. 'At the outset of his visit to the Russian Federation, Syed Tariq Fatemi, Special Assistant to the Prime Minister (SAPM) called on Sergey Lavrov, Russian Foreign Minister, this afternoon,' Pakistan's embassy in Moscow said in a statement. 'He also briefed the Russian Foreign Minister, in detail, about the recent developments in South Asia, conveying Pakistan's perspective on the dangers of escalation as well as the dire consequences of India's threat to reduce the flow of the Indus Waters Treaty, by holding the Treaty in a so-called 'abeyance.'' 'Foreign Minister Lavrov stressed Russia's support for promotion of normal relations between the two countries and its positive effect in the region,' the statement added. Fatemi also delivered a letter from Prime Minister Sharif to President Vladimir Putin and conveyed Pakistan's desire to expand cooperation with Russia in areas including energy, trade and connectivity. Lavrov, for his part, expressed satisfaction over the 'steadily growing bilateral cooperation' and cited specific initiatives, including new steel mills and connectivity projects. 'He [Lavrov] also stated that Russia looked forward to working closely with Pakistan, within the framework of the Shanghai Cooperation Organization (SCO), especially in the field of counter-terrorism,' the embassy said. Russia and Pakistan have strengthened ties in recent years through growing bilateral cooperation, particularly in energy, and by working together on regional platforms such as the SCO, where both are full members.
Arab News
3 hours ago
- Arab News
Pakistan launches cybercrime helpline seeking swift action on complaints
ISLAMABAD: Interior Minister Mohsin Naqvi on Tuesday launched a cybercrime helpline, 1799, that aims to ensure swift resolution of complaints, Pakistani state media reported. The development came during Naqvi's visit to the headquarters of the National Cyber Crimes Investigation Agency (NCCIA), which was established earlier this year, the APP news agency reported. The minister toured various departments, including the helpline center, forensic lab and network security section, and appreciated the staff for their efforts to combat cybercrime. 'The helpline is now fully operational, and citizens can lodge cybercrime complaints by calling 1799,' the interior minister was quoted as saying. Pakistan transformed the Cybercrime Wing of its Federal Investigation Agency (FIA) into an autonomous organization and named it the NCCIA in April. It followed the introduction of a new law to regulate social media content, with journalist groups and rights activists saying it was aimed at curbing press freedom and dissent on social media. Enacted in 2016 and further tightened with amendments this January, the Prevention of Electronic Crimes Act (PECA) was drafted with the stated aim to combat cybercrimes such as hacking, online harassment, and data breaches. Pakistani officials defended the PECA law, under which offenders can be handed prison sentences of up to three years and fines of Rs2 million ($7,200). Naqvi directed NCCIA officials to ensure quick resolution of all complaints, saying the agency was established to meet the demands of the modern digital era, according to the report. He emphasized the need for the use of advanced technology, software and hardware to fight cybercrime effectively and stressed the need to hire talented staff and equiping them with all necessary resources. The development came as authorities announced busting a child sexual abuse ring, allegedly run by a German national, in Azad Kashmir's capital of Muzaffarabad. 'A state-of-the-art facility was formed with modern cameras and over there, children from poor families were exploited by giving money first and then blackmailing,' State Minister for Interior Talal Chaudhry said at a presser on Tuesday. 'Their videos were sold on the dark web.' The NCCIA busted the ring in a five-hour operation on May 23 and arrested two suspects, according to the minister. Ten kids were also found at the facility, of which six were sent to the Child Protection Bureau. 'The German man used to facilitate and sell this [content],' Chaudhry said, without disclosing the identity of the suspect. 'We are trying to reach him legally.' Child sexual abuse has been a widespread issue in Pakistan, where perpetrators are often family members, teachers or trusted people. Poverty, lack of education and societal attitudes contribute to the problem. While laws exist, their implementation remains a challenge. Various NGOs are also working to raise awareness about the issue and support survivors.
