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A roundtable discussion took place, centering on the theme of "Cybersecurity in the financial markets sector

22.12.2023

A roundtable discussion took place, centering on the theme of "Cybersecurity in the financial markets sector

On December 22, 2023, a pivotal roundtable session focusing on "Cybersecurity in the financial markets sector" unfolded through the collaborative efforts of the Azerbaijan Cybersecurity Organizations Association (ACOA) and the Azerbaijan Banks Association (ABA). The gathering brought together esteemed entities such as the Ministry of Internal Affairs of the Republic of Azerbaijan, the State Security Service, the State Service for Special Communication and Information Security, the Central Bank, the Innovation and Digital Development Agency, and the Electronic Security Service of the Republic of Azerbaijan. The discussions, centering on fortifying cybersecurity in the financial markets sector, encompassed the examination of prevailing threats and strategies for countering them. Participation in this significant event extended to ACOA, ABA, as well as over 20 banks and credit organizations, along with leaders and representatives from the industry. The meeting was dedicated to fostering a comprehensive dialogue and collaboration to reinforce cybersecurity measures in the financial markets, ensuring a robust defense against emerging threats. In the roundtable-format meeting, discussions delved into the implementation of regulatory mechanisms within the sector. The focus extended to the existing legislation concerning the security of critical information infrastructure, alongside the execution of pertinent strategies and action plans. Topics spanned a broad spectrum, encompassing the combatting of cyber threats, the management of cyber incidents, considerations surrounding local products in the realm of cybersecurity, and the preparation of solutions. Furthermore, the discourse touched upon the organization of information exchange and the implementation of educational measures. Throughout these deliberations, various proposals were put forth, enhancing the depth and breadth of the comprehensive dialogue. Given the significance of the topics under discussion and the imperative for a more comprehensive approach to address them, including the evolving dynamics of cyber threats and cybercrime, along with the crucial importance of engaging relevant stakeholders in the discourse surrounding the application of regulatory mechanisms, it was deemed prudent to augment the frequency of such meetings in the future. This decision reflects a commitment to actively and consistently address emerging challenges, fostering a more proactive and collaborative stance in dealing with issues related to cybersecurity and regulatory measures.