Ishrat stresses need for cyber crime laws
KARACHI- The Governor State Bank of Pakistan, Dr Ishrat Hussain on July 26th, 2003 stressed the security of electronic transactions through cyber crime laws so as to accelerate E-banking in Pakistan.
Addressing a one-day seminar on ‘Technological Innovations in the Financial Sector’, jointly organised by the Computer Society of Pakistan, the Pakistan Software Houses Association and the Sindh IT ministry, the governor said, “Until and unless consumers are satisfied that their transactions through E-banking are safe, they will not venture into this medium”. “Appropriate legal framework, including remedial measures in law for cyber crimes is important to tackle the issue that has been created but remains to be tested in the courts of law,” he added.
He said the Electronic Transactions Ordinance 2002 covered issues such as the establishment of certification authorities. However, the legislation being the first step in this direction, banks were encouraged to establish appropriate internal controls to prevent cyber-banking crimes. “For financial crimes, various law enforcement agencies have their own specific units. Law enforcement authorities are also taking steps to strengthen their skills to suitably deal with such crimes,” Ishrat informed.
He mentioned that the SBP has set aside US $24 million for automation. It has engaged Pakistani companies for a number of related tasks and awarded them sub-contracts worth $3.5 million. “This project will lead to a ‘Computerised Banking Solution’ whereby, all the branches of the State Bank will be connected via an electronic network,” Ishrat elaborated. “Data Warehousing facility and the introduction of a Real Time Gross Settlement System (RTGS) for large value and other time critical payments are expected to revolutionise the way operations in the Central Bank are performed,” added the governor SBP.
The governor claimed E-banking had already taken off in the country since the recent launch of E-banking by Habib Bank Ltd – one of the largest banks of the country. This had provided a major breakthrough. “So the question is not when the facilities will be provided but how rapidly these facilities will expand,” he said.
The SBP chief asked the Sindh government to seriously undertake and complete the computerisation of all rural and urban land records in the province, making them electronically available to the public and introducing verification and authentication procedures to minimise frauds and crimes.
Addressing the second session of the seminar Governor Sindh, Dr Ishrat-ul-Ebad Khan invited foreign technology firms to invest in the information technology (IT) sector of the province that “offers the best environment and facilities”. He said that the government had an investment roadmap, focussing on the IT and telecom sector. “Karachi is the hub of country’s economic activities. It has all the necessary features to attract foreign investment. I assure you the city is one of the best places on the earth to make investment,” Dr Ebad said.
Abdul Ghaffar Memon, President CSP claimed the country had the best skilled manpower in the IT sector, which was not only serving the country but had also proved its worth abroad. “We feel fully confident as far as skilled manpower is concerned. I have firm belief in the country’s IT professionals,” he said.
Source: The News
Date:7/27/2003
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