(MENAFN- Trend News Agency) 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.
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