CBA eyes increasing cyber resilience in financial markets

The delayed activity directions for digital financial initiatives in Azerbaijan's financial sector have been revealed, Report informs, citing the Central Bank of Azerbaijan (CBA).

As indicated in the status of implementation of the Financial Sector Development Strategy for 2024-2026, these include the creation and provision of centralized technical infrastructure for the use of Open Banking services in financial markets, preparation of a draft law on virtual assets and their service providers, making changes to the "Rules for providing information about borrowers by credit organizations to the Centralized Credit Registry", and formation of an IT management framework for financial institutions.

In this regard, the CBA aims to accelerate the implementation of the Open Banking approach, ensure the transition to the Open Finance approach, improve the process of identifying bank customers through digital channels, improve supervision processes through the application of data-based SupTech solutions, develop a data management framework, as well as create a management structure with relevant experience and expertise in data management, strengthen cyber resilience and cyber risk management culture in financial markets, and create a computer incident response center (FinCERT) for financial markets.