Added details (the first version at 09:51)
BAKU, Azerbaijan, May 12. The Central Bank of Azerbaijan (CBA) has adopted a "Cybersecurity Strategy in financial markets", Trend reports via the CBA.
Against the background of innovations introduced in the modern world in the field of digitalization, intensive digitalization activities carried out in the financial markets of Azerbaijan, along with the expansion of the range and availability of financial services provided remotely, form the corresponding risks of information security and cybersecurity in financial institutions.
In this regard, increasing cyber resilience and strengthening information security in financial markets in order to ensure financial stability in Azerbaijan, including implementation of adequate controls against cyber threats and risks, the formation of a regulatory structure and other issues in this direction are in the focus of constant attention of the CBA.
The "Rules for Managing Information Security in banks" came into force from April 1 2022, containing minimum requirements for information security in banks operating in Azerbaijan. As a continuation of the work in this direction, the CBA with the support of the International Finance Corporation (IFC), a member of the World Bank Group, has developed and approved the "Cybersecurity Strategy in Financial Markets" for a period from 2023 through 2026," the CBA said.
The vision of this strategy is to strengthen cyber resilience in Azerbaijan's financial markets against the backdrop of growing cyber threats in order to ensure financial stability.
The strategy of the CBA is aimed at creating a sustainable cybersecurity environment in financial markets, which includes the following:
- strengthening the regulatory structure and supervision of information security and cybersecurity in financial markets;
- strengthening the culture of cyber risk management in financial markets;
- formation of the 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.
"The CBA plans to implement measures to ensure information security in the Azerbaijani financial sector, in particular to strengthen cyber resilience," the bank said.