Headline November 14, 2018/ '' ' DIGITAL -DAINTY- DROPS ' ''

'' ' DIGITAL -DAINTY- DROPS ' ''

REMEMBER : NO MATTER what  you get  to..................... Read or learn or get told, most countries in the world practice, on regular basis : *Digital War Simulations and even, Assaults* 

''Most attack on critical and strategic systems are of limited incursions nature - are not designed to succeed in an overwhelming, overpowering disruptive manner.

This growing combination of isolated successes with a growing list of attempted attacks suggests  that risks are ever on the increase. And the world's increasing interconnectedness and pace heightens our vulnerability to attacks that cause-

Not only isolated and temporary disruptions, but radical and irreversible systemic shocks.

Banks and financial institutions are acute targets as such given their critical role in the entire  national ecosystem

Take then and now, the case study of The recent  Cyber Attacks on Pakistani financial institutions.   

CONSUMERS ARE gradually moving from the largely used cash-on-delivery mode for online to online payment options.

This shift us rather slow owing to businesses themselves being reluctant to invest in development costs [including putting in place online security related measures] of online payment options.

To help the businesses and consumers find greater confidence in online payment options, the central bank has allowed *third party service providers* to provide payment gateways in Pakistan.

The Examples now include for example, Easypaisa and Fonepay. These are also providing the facility to allow payments through mobile wallet accounts, such as EasyPaisa and JazzCash.

The central bank is also keen to promote use of information technology to support growth of small and medium enterprises. This among other ways can be achieved through the development of web-based market places which encourage e-commerce.

There have been efforts now to promote innovation challenge funds which which can support SME financing through technology.

In 2017, while foreseeing a foreign exchange crunch and looming pressures on the value of Pakistan rupees vis-a-viz other major currencies, the then government allowed remittances by workers abroad through the wallets.

This step apart increasing dollar inflows was also aimed at boost financial inclusion and reducing  cost and time taken to transfer of remittances back home.

While the above mentioned is indeed encouraging, unfortunately the recent cyber attacks incidents could invite further regulation by the central bank which could increase the transactions cost of businesses and consumers.

The regulatory environment is already stifling the market players with oversight activities ranging from monitoring of payment gateway data, assessment of gateway trends, random checks on the degree of safety, onsite  inspections, and offsite supervision.

We understand from industry experts that a key reason for PayPal not coming to the country is  excessive banking sector regulation.

But the cyber attack incident and stifling regulation in turn also has macroeconomic implications. Successive governments in Pakistan will have tried to promote-

Greater formalisation of economy i.e. helping those operating in informal sector to - formalise and become eligible to access scheduled finance and insurance facilities.

This effort has been challenged as Pakistan remains a cash-based economy.

The Honor and Serving of the latest Global Operational Research on Economies and Digital Infrastructure Attacks continues.

The World Students Society thanks both the authors associated with  Coventry University, UK  and Sustainable Development Policy Institute, Pakistan respectively.

With respectful dedication to all the Innovation Masters, Students, professors and Teachers of the  world.

See Ya all prepare for Global Elections and ''register'' on The World Students Society  : wssciw.blogspot.com and Twitter - !E-WOW! - the Ecosystem 2011:

''' Issues & Infers '''

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless