Turkmenistan Takes Steps to Boost Cybersecurity in Financial Sector

Strengthening Cyber Protection and Information Security in Banking

In a move aimed at safeguarding its financial system, the Central Bank of Turkmenistan has approved a new procedure for ensuring cyber protection and information security in the country’s banking sector. The guidelines, published by the Ministry of Justice’s information center, outline stringent measures to prevent unauthorized access, malicious software attacks, and data breaches.

Mandatory Cybersecurity Measures for Banks

Under the new protocol, banks are mandated to:

• Establish robust cyber protection systems
• Conduct regular risk assessments
• Identify critical information infrastructure objects that require enhanced security measures
• Ensure confidentiality and integrity of their data networks

Standards for Multifunctional One Window System, E-commerce Platforms, Log Analysis, and Business Continuity Planning

The procedure also sets standards for:

• The multifunctional One Window system
• E-commerce platforms
• Log analysis
• Business continuity planning to mitigate potential disruptions

Comprehensive Cybersecurity Plans and Regular Audits Required

Banks are required to:

• Develop comprehensive cybersecurity plans
• Conduct regular audits
• Report any breaches or incidents to the relevant authorities

Broader Impact: Protecting Turkmenistan’s Financial System from Emerging Cyber Threats

The new guidelines apply to all banks and money transfer organizations operating in Turkmenistan, underscoring the government’s commitment to protecting its financial system from emerging cyber threats.