SBP sees hybrid cloud as key to advancing digital financial system

Karachi, Pakistan witnessed a discussion on the role of hybrid cloud in the digital financial system, organized by Total Communications at the 18th International Information Security Conference. The State Bank of Pakistan (SBP) is actively working on expanding and strengthening its cloud infrastructure to accelerate the digitalization of the nation's financial sector.

Ahmed Saeed, an Additional Director at SBP, emphasized the importance of cloud infrastructure, stating, "State Bank knows that digitalization is not possible without cloud infrastructure." He further explained that the bank already has a cloud framework in place, recommending banks to store sensitive information within a private cloud located in Pakistan.

Saeed advocated for a hybrid cloud model, which he believed would be particularly beneficial for Pakistan's developing cloud infrastructure. By merging private and public cloud environments, financial entities could maintain a higher degree of control over their data. However, transitioning from a private cloud to a hybrid model could present challenges, especially regarding data confidentiality and ensuring sufficient security visibility across both private and public cloud systems.

Muneer Kamal, the CEO and Secretary General of the Pakistan Banks Association, echoed the central bank's efforts to bolster cyber security in the face of a swift transition towards digital payments and a cashless economy.