Azerbaijani banks to make structural changes

Some changes are expected in the activity of banks operating in Azerbaijan after the introduction of the "Regulation on Information Security Management in Banks".

The statement came from the Head of the Information Security Group of the Azerbaijan Banks Association (ABA), Ilgar Aliyev, according to Report.

Aliyev said the relevant processes were being prepared in banks related to the new rules.

“Structural changes are being made to digital processes based on the novel rules. Distribution of powers, obtaining control tools, risk management, and implementation of monitoring systems are expected,” he said.

The ABA representative added that the business processes are being integrated into these rules and banks are applying cybersecurity tools to comply with the requirements of the Central Bank of Azerbaijan (CBA).

The "Regulation on Information Security Management in Banks" came into force on April 1, 2022.