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TMCNet:  Client privacy: With innovative banking comes the need for fresh laws

[December 11, 2013]

Client privacy: With innovative banking comes the need for fresh laws

(Express Tribune (Pakistan) Via Acquire Media NewsEdge) State Bank of Pakistan Deputy Governor Ashraf Mahmood Wathra has said innovative banking practices have increased the need to introduce fresh laws and regulations to ensure client privacy, information safety and payment accessibility. He was speaking at the InfoSec2013 - 8th International Conference on Information Security on Tuesday.

“Solutions that work in wired networks may not be sufficient to address risks to application in a wireless environment and the transfer of information from a wired to a wireless environment can create additional risks to the integrity and confidentiality of information exchanges,” Wathra said.

According to him, there are five key principles guiding technology risk management in mobile financial services, which are confidentiality, integrity, availability, authentication and non-repudiation. “These have been embedded in our regulatory framework,” he said.

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