"As the economy is being digitalized, security aspects are becoming more important, especially in open banking. The Central Bank of Azerbaijan (CBA) also attaches special importance to security, especially information and cyber security,” CBA Director-General Farid Osmanov told Report.
Farid Osmanov said that the bank has a working group with the relevant government agencies, and these groups hold active meetings: "Relevant normative documents have been adopted to educate the population in this direction, strengthen and improve the level of information and cyber security in banks and other payment organizations. For example, the rules on `Management of information security in banks’ have already been approved by the board and will come into force on April 1, 2022. These factors will serve to increase the level of information cyber security in banks and other payment institutions.
The rules on "Management of information security in banks" are based on ISO27001 standards, and due to the difficult conditions of their application, a deadline set for banks is April next year.
The CBA official said that cyber-attacks on Azerbaijani commercial banks have increased 3.4 times (236%) this year.