CBA working on governance frameworks for IT Governance, Data Governance and AI

The team of the Central Bank of Azerbaijan (CBA) is working on governance frameworks for IT Governance, Data Governance and Artificial Intelligence, CBA Deputy Chairman Vusal Khalilov said at the Finance and Technologies Exhibition (Fintex Summit) held in Baku, Report informs.

"We plan to present the final products to the sector in the near future. These frameworks are formed on the basis of international standards and aim to make the processes in organizations more sustainable, secure and effective," he noted.

According to the CBA official, the entry into force of the new Information and Cybersecurity regulations from April this year has been a very important step for the security of the sector: "There is a direct correlation between the expansion of the use of cashless payments and the number of cyberattacks and frauds. In this regard, investment in cybersecurity is extremely important in the current period. Currently, organizations are agreeing on roadmaps with the CBA to ensure full compliance with the regulations, and as a regulatory body, we highly appreciate the work done by organizations in this area."