One in eight cyberattacks on Azerbaijan directly targets the banking sector, and this trend fully coincides with the global trend, said Reshat Kokchen, Vice President of Cybersecurity Business for EEMEA at Mastercard, during his speech at the 9th International Banking Forum, APA-Economics reports.
He said that banks in Azerbaijan are one of the riskiest sectors, accounting for 12% of cyberattacks. According to him, the widespread use of artificial intelligence (AI) allows hackers to carry out more targeted and rapid attacks, which creates new risks in the field of cybersecurity.
R. Kokchen noted that digitalization, the proliferation of Internet-connected devices and the flow of big data are rapidly expanding the cyberattack surface. He emphasized that only as a result of the transition of the defense side to AI-based solutions can risks be effectively prevented.
According to the expert, the economic value of cybercrime will reach $15.9 trillion by 2030, making it the third largest "economic power" globally after the United States and China. Mastercard has already provided a number of consulting services to Azerbaijani banks on cybersecurity and fraud prevention.
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