Central Bank adopts Cybersecurity Strategy in Financial Markets

12-05-2023

12 May 2023, Baku: Intensive digitalization activities implemented in the financial markets of our country against the background of innovations towards digitalization in the modern world, along with the expancion of the range and availability of financial services provided remotely, form the corresponding risks in terms of information security and cybersecurity in financial institutions. In this regard, in order to ensure financial stability in the country, the Central Bank always keeps in focus such issues as improving cyber resilience and strengthening information security in financial markets, including the introduction of adequate mechanisms to control cyber threats and risks, the formation of a risk-oriented regulatory framework, and other issues in this direction.

As it is known, the “Procedure for Managing Information Security in Banks” containing minimum requirements for information security in banks operating in the Republic of Azerbaijan came into force on 1 April 2022. As a continuation of the work carried out in this direction, with the support of the International Finance Corporation (IFC), a member of the World Bank Group, the Central Bank has developed and approved the Cybersecurity Strategy in Financial Markets for 2023-2026 ( the Strategy).

The Strategy includes activities on five strategic priorities and aims to create a sustainable cybersecurity environment in the financial markets: (i) Strengthening the regulatory and oversight framework for information security and cybersecurity in financial markets; (ii) Strengthening the culture of cyber risk management in financial markets; (iii) Establishing an information technology management system to enhance cybersecurity in financial markets (iv) strengthening cyber resilience in financial markets; (v) Forming a culture of information security and cybersecurity in financial markets.

The Central Bank plans to constantly implement measures to ensure information security in the financial sector of the country, especially to strengthen cyber resilience.