BAKU, Azerbaijan, June 14. When forming the scope of a cybersecurity strategy in financial markets, it is necessary to study its vision, mission and main goals, Head of the Information and Cybersecurity Department of the Central Bank of Azerbaijan (CBA) Elvin Shahverdiyev said during the financial technology summit in Baku, Trend reports.
Shahverdiyev noted that the CBA's vision for the cybersecurity strategy is to strengthen cyber resilience in Azerbaijan's financial markets against the backdrop of growing cyber threats to ensure financial stability.
"The mission is to form a financial system covered by an adequate regulatory structure and its cybersecurity, effective relationships in which human capital is implemented with sufficient knowledge and skills in the field of cybersecurity, information about cyber threats. This is ensuring its sustainability," Shahverdiyev added.
According to him, the CBA has set itself a number of strategic goals for the implementation of this mission.
"One of them is the formation of a cybersecurity ecosystem in Azerbaijan's financial markets, including an adequate response to cyber threats and an increase in the level of cybersecurity, the implementation of cyber hygiene measures, as well as the formation, constant updating of the regulatory methodological framework related to information security and cybersecurity within the mandate of the CBA and thereby ensuring financial stability in the country's financial markets", he added.
Shahverdiyev pointed out that in order to effectively achieve these goals, the implementation of measures on five strategic priorities is envisaged for 2023-2026.
Strategic priorities include:
- strengthening the regulatory and supervisory framework for information security and cybersecurity in financial markets;
- strengthening the culture of cyber risk management in financial markets;
- formation of an information technology management structure in order to strengthen the level of cybersecurity in financial markets;
- strengthening cyber resilience in financial markets;
- formation of a culture of information security and cybersecurity in financial markets.