BAKU, Azerbaijan, October 22. Ensuring
information security in Azerbaijan’s payment systems, identifying
risks in a timely manner and continuously monitoring transactions
are among the key priorities, Afghan Abbasov, director of the CBA's
Payment Systems and Product Development Department, said, Trend's correspondent
reports from the event.
He made the remarks on Thursday at a conference in Baku
dedicated to the digital transformation of public finance.
He said the growing use of payment services was driving an
increase in transactions both in Azerbaijan and globally. This
trend was evident in both interinstitutional settlements and
everyday payments made by individuals.
According to Abbasov, the CBA has established information
security requirements as part of its financial market supervision
framework. Meeting these requirements at least at the minimum level
should be a priority for the financial sector.
He noted that payment system participants must introduce
appropriate control mechanisms to prevent and detect potential
transaction-related risks, regularly improve these mechanisms and
ensure continuous monitoring.
“Whereas these processes were previously carried out mainly
offline, it is now essential to conduct monitoring online and
around the clock,” he emphasized.
The department director said that relevant guidelines set out
information security requirements, adding that financial sector
participants should pay particular attention to meeting these
requirements at the minimum level.
He added that this approach would strengthen the security and
resilience of payment systems, help identify potential risks in a
timely manner and ensure uninterrupted payment processing.
