Azerbaijani Central Bank shares plans to enact cybersecurity strategy for financial markets

Elvin Shahverdiyev, head of the Azerbaijani Central Bank’s (CBA) information and cybersecurity department, has said that the vision, mission and main goals should be examined when formulating a cybersecurity strategy for financial markets.

He made the remarks at the Financial Technology Summit in Baku, Trend reports.

Shahverdiyev said the CBA's vision for the cybersecurity strategy is to "strengthen cyber resilience in the country's financial markets amid growing cyber threats to ensure financial stability".

"A strategy mission is to build a financial system covered by an adequate regulatory structure and its cybersecurity, effective relationships that implement human capital with sufficient cybersecurity knowledge and skills, mutual communication of cyber threat information, and an adequate regulatory structure. It's about ensuring its sustainability," Shahverdiyev stressed.

According to him, the CBA has set a series of strategic goals to carry out this mission.

"One of them is to form a cyber security ecosystem in the country's financial markets, including adequate response to cyber threats and improving cyber security, conducting cyber hygiene activities, as well as formation, continuous updating of the regulatory methodological framework related to information security and cyber security within the CBA mandate and thereby ensuring financial stability in the country's financial markets," he added.

To achieve these goals effectively, five strategic priorities are envisaged for 2023-2026, Shahverdiyev said: "Strategic priorities include: strengthening the regulatory and supervisory framework for information security and cybersecurity in financial markets; strengthening the culture of cyber risk management in financial markets; building an information technology governance framework to strengthen cybersecurity in financial markets; strengthening cyber resilience in financial markets; building a culture of information security and cybersecurity in financial markets."