BAKU, Azerbaijan, October 26. The payment behavior and lifestyle of people in Azerbaijan encourage the development of digital services, Director General of the Central Bank of Azerbaijan (CBA) Farid Osmanov said at the "How to ensure the effectiveness of cyber defense of critical information structures" panel, Trend reports.
Osmanov noted that a cybersecurity strategy in financial markets was formulated and a market assessment was carried out. In addition, financial markets are one of the largest parts of the country's economic system.
"Usually, the financial system of financial markets is being digitized the fastest because digitalization is developing in this area so that people can get access to the financial system. It also gives its challenges to central banks all over the world, and we are taking our steps in this area,” said Osmanov.
“There have been corresponding changes in the CBA. We define information security not only in the banking sector but also in the insurance and capital markets. During the assessment, we saw that personal data is generated today in the banking sector. We have a long way to go in this direction. We also conducted an assessment in this regard and defined our cybersecurity strategy,” he said.
“Most of the organizations involved in cyber warfare are banks, and that pleases us. It would be better if, in the future, insurance companies also joined it. "Some steps are already being taken in this regard because there is a need to improve insurance,” he said.
“There are several directions for our strategy. For these directions, we must work closely with the relevant authorities," Osmanov said.