In a dramatic turn of events, Pakistan’s national security has once again been compromised as the National Institutional Facilitation Technologies (NIFT) faced a cyberattack. The breach resulted in unauthorized access to data, leading to the suspension of digital payment services and a nationwide switch to a manual cheque-clearing system. Despite the passage of seven days since the attack, NIFT is still struggling to fully restore normal operations.
NIFT claimed that there was no significant compromise, but experts and stakeholders have voiced concerns over the institution’s negligence and poor security measures. With 67.5 million bank accounts and trillions of rupees in deposits, the data of millions of customers was put at risk. Questions have also been raised about the effectiveness of NIFT’s disaster recovery system, which should have swiftly restored the online clearing system.
Commercial banks have complained about delays caused by the manual system, prompting calls for a reassessment of NIFT’s capabilities and national-level cybersecurity. The State Bank of Pakistan has requested NIFT to submit a plan outlining future safety measures to prevent such incidents. Preliminary evidence suggests a well-organized attempt, but NIFT assures that customer data remains secure.
This incident highlights the global rise in cyberattacks and the need for enhanced security measures and training to combat them. Institutions must invest in IT security systems and properly train staff to prevent and respond to such threats effectively.