Govt Warns Against Use of Indian Solutions in Banking, Fintech Sectors

The Government of Pakistan has warned against the use of Indian-origin products and services by the Pakistani Industry, fintech, and banking sector. According to an advisory issued by the Government of Pakistan, the use of Indian solutions and products in fintech, banking, and industry can not only lead to theft of sensitive information but can also become a source of cyber-attacks and system hacking. According to advisory, Artificial Intelligence (AI) products and services are being used globally by various industries including the financial and banking sectors to accelerate enterprise growth. It has been learned that the fintech sector of Pakistan, including a few banks, is engaged with Indian-origin companies who are offering them IT products, cybersecurity and AI solutions, etc. According to the advisory, the use of Indian security products and solutions in Fintech, Banking, and Industry poses a threat to critical information infrastructure (CII). Such products or solutions may contain malware that can not only steal critical data but also through technical means access control with passive monitoring capability. The Federal Government has asked the Federal and Provincial Ministries including sectoral regulators to sensitize their affiliated setups, organizations, and licensees, on the risks involved in the use of Indian-origin products and solutions. The advisory has asked all users to refrain from collaboration, installation, and use of Indian-origin AI/ICT products. According to the advisory, government organizations and private users should consult the Pakistan Software House Association (P@SHA) to find Pakistani technical companies for suitable economical alternatives.