Azerbaijan Takes Steps to Protect Financial Sector from Cybercrime Risks
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As geopolitical tensions in Eastern Europe continue to escalate, Azerbaijan is strengthening its efforts to combat cybercrime and safeguard its financial sector. The country has developed a comprehensive strategy for information security and cybersecurity, aimed at creating a strong network barrier against external threats.
Rise of Cyber Attacks
Experts note that the increased hybrid network warfare worldwide has led to a significant rise in cyber attacks targeting corporate and financial sectors. In Azerbaijan alone, over one million phishing site clicks were blocked last year, with 60% of all attacks aimed at home users and 40% targeting corporate users.
Strategy for Information Security and Cybersecurity
To counter these threats, the Azerbaijani government has approved the “Strategy of Information Security and Cybersecurity in Azerbaijan for 2023-2027”, which outlines key directions and time-specific steps to ensure cybersecurity. The strategy includes:
- Creation of a Commission for Coordination of Information Security
- Establishment of specialized information security structures within state agencies
Digitalization Efforts
The country is also expanding its digitalization efforts, introducing fintech solutions to expand financial services through internet resources. However, this requires consistent measures to mitigate information and cyber security risks in financial institutions.
Central Bank’s Strategy for Cybersecurity
The Central Bank of Azerbaijan has approved a new “Strategy of Cybersecurity in Financial Markets for 2023-2026”, aimed at creating a sustainable cybersecurity environment in financial markets.
Rules for Ensuring Security of Critical Information Infrastructure
Azerbaijan has developed rules on ensuring security of critical information infrastructure, including:
- Requirements for founders and staff qualifications
- Technical equipment and experience in the field of information technologies
Development of Cybersecurity Infrastructure
The country is also working to create an electronic information system “Cybercrime” and develop minimum cybersecurity requirements for national digital airspace.
Promotion of Domestic Production in Information Protection
The strategy provides measures to promote domestic production in the field of information protection, including:
- Preparing national resources for cryptographic protection
- Improving personal data protection
- Introducing tax incentives for market participants involved in developing network security technologies
Expert Analysis
Experts believe that the implementation of this strategy will ensure the application of internationally recognized standards and best practices to effectively prevent cyber threats. The development of highly qualified personnel in the field of cybersecurity over the next five years is also expected to create effective mechanisms against international cybercrime threats.
By implementing these measures, Azerbaijan aims to safeguard its financial sector from cybercrime risks and protect its citizens from the growing threat of online attacks.