As technology advances, so do the various fraud scenarios, Khayala Mammadova, senior specialist of the Central Bank of Azerbaijan (CBA), said at the Fintech Summit held in Baku, Azernews reports.

According to her, various innovations are currently being implemented within the framework of cyber security measures:

"In this framework, the Central Bank of Azerbaijan plans to do a lot of things in accordance with the cyber security strategy in the financial sector. We are also improving our various reporting. In order to measure how effective this rule is, certain data from the financial sector will also be collected. We are currently improving certain accountability examples in order to measure accurately.”

The specialist added that international experience also shows that as technology develops, as users regularly use these innovations, the number of cyber threats increases: ‘We are doing our best to protect citizens and users from these threats.’

Mammadova also pointed out that all suppliers participating in the infrastructure of the implementation of this strategy, not only banks, but also fintech companies, as well as companies providing various financial services, should implement the requirements of this rule as quickly as possible in their infrastructure.