BAKU, Azerbaijan, October 22. Ensuring information security in Azerbaijan’s payment systems, identifying risks in a timely manner and continuously monitoring transactions are among the key priorities, Afghan Abbasov, director of the CBA's Payment Systems and Product Development Department, said, Trend's correspondent reports from the event.
He made the remarks on Thursday at a conference in Baku dedicated to the digital transformation of public finance.
He said the growing use of payment services was driving an increase in transactions both in Azerbaijan and globally. This trend was evident in both interinstitutional settlements and everyday payments made by individuals.
According to Abbasov, the CBA has established information security requirements as part of its financial market supervision framework. Meeting these requirements at least at the minimum level should be a priority for the financial sector.
He noted that payment system participants must introduce appropriate control mechanisms to prevent and detect potential transaction-related risks, regularly improve these mechanisms and ensure continuous monitoring.
“Whereas these processes were previously carried out mainly offline, it is now essential to conduct monitoring online and around the clock,” he emphasized.
The department director said that relevant guidelines set out information security requirements, adding that financial sector participants should pay particular attention to meeting these requirements at the minimum level.
He added that this approach would strengthen the security and resilience of payment systems, help identify potential risks in a timely manner and ensure uninterrupted payment processing.
