(MENAFN- Trend News Agency) 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.
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