The Central Bank of Azerbaijan (CBA) has recently commented on the issue of citizens' bank cards being used to formalize loans in their names for amounts of AZN 10-15 thousand and larger sums, APA-Economics reports.
In response to APA-Economics' inquiry, the CBA stated that enhancing cyber resilience in financial institutions, strengthening information security, implementing adequate control mechanisms against cyber threats and risks, developing a risk-based regulatory framework, and other measures in this direction are among the Central Bank's constant priorities.
To this end, the Central Bank has developed the "Cybersecurity Strategy for Financial Markets for 2023-2026" and has begun its implementation. Additionally, the "Requirements for Ensuring Information Security in Supervised Entities Operating in Financial Markets" have come into force.
These Requirements include, for example, preventing the unauthorized transfer of personal data to third parties, protecting such data with appropriate encryption methods, and obliging supervised entities to inform their customers about information security at least once every quarter.
"The Central Bank has established minimum requirements for information security in banks operating in the country and local branches of foreign banks, taking into account the standards of the International Organization for Standardization (ISO/IEC 2700X). Additionally, the Central Bank has instructed all banks to increase awareness among financial service consumers about fraud risks, warn them never to share card details with third parties under any circumstances, and strengthen monitoring and preventive measures in this regard,"the CBA.
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