Azerbaijan preparing cyber security strategy in financial market

Economy Materials 13 April 2023 13:18 (UTC +04:00)
Azerbaijan preparing cyber security strategy in financial market
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, April 13. Proper strategy of cyber security in the financial market for 2023-2026 is being prepared in Azerbaijan, Head of Information and Cyber​​Security Department of the Central Bank of Azerbaijan Elvin Shahverdiyev said, Trend reports.

Shahverdiyev made the remark during an event themed "Sustainable Development Technologies: Technologies of the Fourth Industrial Revolution and Cloud Solutions".

"The strategy is being prepared jointly with the International Finance Corporation and a certain market assessment has already been carried out. This strategy will be aimed at reducing the likelihood of emergencies, quick response and prevention of threats, studying and applying the international practice in this area,” he explained.

Besides, according to him, as part of this strategy, it’s expected to expand cooperation with both local and international organizations, and form changes in Azerbaijani legislation.

Shahverdiyev stressed that cooperation with Australia, EU countries, Japan, Singapore and the US is expected to be expanded in this area.

"We plan to apply cyber security systems, market analysis methods, and the experience of developing banking products in advanced countries which have achieved significant progress in these sectors," he added.

Shahverdiyev pointed out that information security management in Azerbaijani banks is carried out on the basis of international standards.

According to him, the adoption of international standards and new solutions enabled a reduction in the likelihood of risky operations by 86 percent, increased compliance with the rules by 55 percent, strengthened security by 71 percent, and decreased the possibility of unforeseen situations by 50 percent.

The strategy is being prepared by the Fourth Industrial Revolution Technology Working Group. The National Artificial Intelligence Strategy will cover the issues of the Internet of Things (IoT), Big Data, their analysis and processing.

The working group was set up to study the possibilities of introducing the latest technologies, forming a regulatory framework, roadmaps, coordinating projects, as well as expanding cooperation with international organizations in this area.

The group includes representatives of 22 state structures, and the coordination of its activities is entrusted to the Center for Analysis and Coordination of the Fourth Industrial Revolution.