BAKU, Azerbaijan, September 21. The Central Bank of Azerbaijan (CBA) is actively improving control and regulatory measures in the field of cyber security of financial institutions, head of the CBA's Information and Cybersecurity Department Elvin Shahverdiyev said during a conference dedicated to the Azerbaijan Cyber Security Days (ICSD 2023), Trend reports.
"The Central Bank encourages financial institutions to take cybersecurity measures, including complying with minimum information security requirements in financial markets, proactively identifying cybersecurity risks, anticipating risks associated with cyber threats, ensuring that appropriate measures are in place, improving cyber resilience in line with international standards, reducing the likelihood and impact of, and improving preparedness for, cyber incidents, and improving the reputation and credibility of the financial sector through enhanced cybersecurity," he said.
Azerbaijan is preparing a relevant strategy for cyber security in the financial market, which will cover the years 2023–2026.
The strategy is being developed jointly with the International Finance Corporation, and some market assessments have already been carried out. This strategy will be aimed at reducing the likelihood of emergencies in this area, rapid response and prevention of cyber threats, and the study and application of international practices in this area.