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Uzbekistan’s Finance Industry Hit by Cybercrime: New Law Aims to Combat Threats
Tashkent, Uzbekistan - April 22, 2022
As the global digital landscape continues to evolve, the financial industry in Uzbekistan has become increasingly vulnerable to cyber threats. In a bid to combat these growing concerns, the government has adopted its first cybersecurity law, which is set to come into force on July 17, 2022.
The New Law: Regulating Cybersecurity
The new law aims to regulate and improve the country’s cybersecurity landscape by imposing stricter requirements on operators of critical facilities, including those in the finance industry. According to the law, these entities will be required to:
- Comply with above-standard cybersecurity requirements
- Implement robust monitoring systems
- Ensure the continuous operation of their critical facilities
Requirements for Operators of Critical Facilities
Operators of critical facilities, including those in the banking and finance sectors, will also need to:
- Store data for at least three months
- Provide access rights to the regulator for monitoring
- Certify hardware, firmware, and software
- Install and operate monitoring systems to prevent cyber-attacks, eliminate their consequences, and respond to cybersecurity incidents
Regulatory Body Established
The law also establishes the State Security Service of the Republic of Uzbekistan as the primary regulator in the field of cybersecurity, with the Office of the President setting out a unified public policy related to cybersecurity.
Industry Experts Warn of Significant Implications
Industry experts warn that these changes may have significant implications for businesses operating in the finance sector. “Companies will need to invest time and resources into implementing robust cybersecurity measures to ensure compliance,” said an industry insider. “This may include hiring specialized staff, buying approved hardware and software, and conducting regular cybersecurity assessments.”
Proactive Measures Crucial
As Uzbekistan’s financial industry navigates this new landscape, it is crucial that businesses take proactive steps to mitigate the risks posed by cybercrime. By doing so, they can protect their operations, customers, and reputation from potential threats.
Contact Us for More Information
For more information on how these changes may impact your business, please contact [Your Company Name].