Securing financial institutions: Addressing cyber threats in Azerbaijan [COMMENTARY]

By Ulviyya Shahin

Cybersecurity stands as one of the paramount challenges of the 21st century. Emerging from diverse origins, threats manifest in destructive actions against individuals, businesses, national infrastructures, and governments. Their impact jeopardises public safety, national security, and global stability. Consequently, there is heightened awareness and focus on cybersecurity.

The damage caused by cyberattacks on financial organisations is not small. Rising losses are forcing financial institutions to increase spending on cyber security. But what steps should the financial sector, as well as the government, take to protect against this?

Azerbaijani economist Ruslan Atakishiyev mentioned to Azernews that cyber attacks on the banking sector are possible both internationally and within Azerbaijan, and the incidence of such cases is considerable.

"Security measures against cyber-attacks are implemented universally. In Azerbaijan, these measures are overseen by the Central Bank, and additional new measures are being implemented by relevant state institutions dedicated to addressing this cyber threat."

According to him, private commercial banks implement their cybersecurity measures and endeavour to enhance them in line with current requirements.

"Furthermore, there is a need to educate the population in this regard. Despite the implementation of multiple measures, individuals can still fall victim to cyberattacks through deceptive messages and emails. During such attacks, personal information may be compromised or individuals may be directed to unauthorised access links related to logging out of their accounts. In some instances, individuals may encounter cyberattacks under the guise of engaging in cooperation. People must be aware of these risks and, if faced with such situations, notify the relevant state institutions, including those within the Ministry of Internal Affairs. Any individual affected by a cyber attack should inform the appropriate authorities promptly to enable them to implement security measures and mitigate the threat."