A cybersecurity system based on artificial intelligence (AI) will be developed at the national level to protect Pakistan’s financial sector and capital market from cybercrimes. The new development would ultimately improve Pakistan’s cybersecurity along with the security of the foreign exchange.
Pakistan to Develop AI-Based Cybersecurity Solutions to fight Cybercrimes
National Clearing Company of Pakistan Limited (NCCPL) and NED – National Center for Cyber Security (NCCS) have collaborated on the construction of a comprehensive AI-based cybersecurity solution that will allow smart and effective security management.
The initiative has been commenced following the memorandum of understanding (MoU) ceremony between NCCPL and NED-NCCS in early Feb 2020, in order to develop an AI-based cybersecurity solution named as “Security & Threat Intelligence Platform”.
According to a recent survey, Pakistan’s financial institutions and a number of large firms are vulnerable to cyber attacks, which are able to break into networks of financial institutions at any moment. To counter this situation, financial institutions opt for foreign software and solutions that are expensive lead to the depletion of foreign exchange reserves.
NCCPL chairman Humayun Bashir, CEO PSX Farrukh Khan, MD Jaffer Business Systems Veqar-ul-Islam CEO NCCPL Muhammad Lukman, Vice-Chancellor NED University Dr. Sarosh Hashmat Lodi, along with Turkish Consul General Tolga UCAK, Virtusoft CEO Shoaib Ur Rehman and other top NCCPL and industry professionals were present at the MoU ceremony.
This ceremony was organized in order to improve the collaboration between the corporate sector and the educational sector which will help to improve confidence in the technological advancements related to cybersecurity.