CBA enhances cybersecurity accountability in financial sector

As technology advances, so do the various fraud scenarios,
Khayala Mammadova, senior specialist of the Central Bank of
Azerbaijan (CBA), said at the Fintech Summit held in Baku,
Azernews reports.

According to her, various innovations are currently being
implemented within the framework of cyber security measures:

“In this framework, the Central Bank of Azerbaijan plans to do a
lot of things in accordance with the cyber security strategy in the
financial sector. We are also improving our various reporting. In
order to measure how effective this rule is, certain data from the
financial sector will also be collected. We are currently improving
certain accountability examples in order to measure
accurately.”

The specialist added that international experience also shows
that as technology develops, as users regularly use these
innovations, the number of cyber threats increases: ‘We are doing
our best to protect citizens and users from these threats.’

Mammadova also pointed out that all suppliers participating in
the infrastructure of the implementation of this strategy, not only
banks, but also fintech companies, as well as companies providing
various financial services, should implement the requirements of
this rule as quickly as possible in their infrastructure.

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