Financial Crime World

Uzbekistan Tightens Financial Institution Security Measures Against Cyber Attacks

New Laws Aim to Bolster Cybersecurity in Uzbekistan’s Financial Sector

The Uzbek Senate has recently adopted amendments to several laws aimed at enhancing cybersecurity in the country’s financial institutions. The move comes as credit institutions and payment systems face growing threats from cyber attacks.

Key Changes to Laws

  • The Administrative Responsibility Code and other related banking laws have been amended to grant additional powers to the Central Bank of Uzbekistan.
  • The new regulations classify violations of legal requirements for ensuring information security and cybersecurity in banking systems as gross offenses.

Protecting Bank Secrecy and Information Systems

The law aims to protect bank secrecy and ensure the security of banks’ information systems and resources. This includes:

  • Classifying violations of information security: Gross offenses will be classified, making it easier to identify and prosecute cyber attacks.
  • Enhancing security measures: The Central Bank will have additional powers to prevent cybersecurity threats from financial institutions.

Improving Information Security Across the Financial Sector

The adoption of these amendments is expected to improve information security across the financial sector, as well as in the country’s e-government system. This includes:

  • Preventing crimes committed using digital technologies: By enhancing cybersecurity measures, Uzbekistan aims to prevent crimes committed using digital technologies.
  • Maintaining stability in the banking sector: The move is expected to safeguard financial institutions against cyber threats and maintain stability in the banking sector.

Conclusion

Uzbekistan’s efforts to bolster cybersecurity in its financial sector demonstrate a commitment to protecting citizens’ information and preventing cyber attacks. By enhancing security measures and classifying violations of information security as gross offenses, the country aims to create a safer and more secure digital environment for all.