Extremely important. Pakistan is a country where credit cards are not wide spread, but mobile phones are. Without CC there is no option for the consumer to pay other than either cash on delivery / mobile money .. or buying in person. the wide spread availability of mobile phones to pakistani consumers is an opportunity to use them as a tool for payment processing. making it easier for people to get bank accounts with minimum balance and linking them to their phone would allow them to be more agile in spending via their bank – and hence easier for govt to monitor for tax purposes.
Secondly cyber security is absolutely essential here, as any breach can cause wide spread distrust among consumer and might deter them from using mobile phones as a payment option. For all financial applications, either mobile or desktop based – govt must issue compliance requirements. USA has such compliance requirements such as FICA to which all businesses who deal electronically with financial data must adhere to. Pakistan can learn a lot from it and implement something similar. Security best practices are enforced by law, not by choice of banks.
Cyber security is key to the country as confidence has to be the cornerstone not only for the banking sector, but for the digital economy and the country as a whole.
To guarantee customer protection authorities need to establish the security requirements for financial service providers and ensure that banks and financial sector companies adhere to security protocols, they need to be held accountable. There are so many excellent consultants available globally, get them here and lets make our cyber security in the economy and banking a world class one.
We as a country need to develop human capital that can provide us with Resilient, trustworthy ecosystems; efficient security and privacy architectures; design methods and development tool chains. The issue is the skills development of our country.