CBA: Rapid digitalization of financial sector creates new challenges

The rapid digitalization of the financial sector creates new challenges for the Central Bank of Azerbaijan (CBA) in terms of cybersecurity, CBA Director General Farid Osmanov said at a conference in Baku as part of the Critical Infrastructure Defense Challenge-2023 event, Report informs.

Osmanov noted that the current lifestyle of people requires more digital financial services.

“Currently there is a process of transition from branch banking services to remote banking services. This, in turn, leads to cyber risks. In response to these calls, the CBA has defined a cybersecurity strategy in financial markets,” he noted.