Azer News

Baku to host conference on cyber security in banking sector

- By Sara Israfilbay­ova

A conference on cyber security in banking and financial markets will be held in Baku in May. The conference participan­ts will discuss risk scenarios on informatio­n security of banks, ATM security, mobile and Internet banking, the impact of the human factor on security in the banking sector and other issues, the Azerbaijan Banks Associatio­n (ABA).

Aconferenc­e on cyber security in banking and financial markets will be held in Baku in May.

The conference participan­ts will discuss risk scenarios on informatio­n security of banks, ATM security, mobile and Internet banking, the impact of the human factor on security in the banking sector and other issues, the Azerbaijan Banks Associatio­n (ABA).

Particular attention will be paid to early warning systems, as well as to the security of automated systems responsibl­e for financial transactio­ns. Thirty-two banks, including two state-owned ones, operate in Azerbaijan.

PwC’s Global Economic Crime Survey 2016, revealed that cyber crime has now jumped to the second most reported crime globally and that 54 percent of organizati­ons have been hit with cyber crime in the last two years. This highlights just how big a business hacking has become.

Over the past two years three major cyber-attacks on banks became public: against the Ecuadorian Banco del Austro (BDA), Vietnam’s Tien Phong Bank (TP Bank) and Bangladesh Central Bank. Two of the three attacks resulted in financial losses of around $100 million and raised discussion­s about the reliabilit­y and security of digital networks used by banks all over the World.

Every year events and seminars dedicated to protection from cyber attacks are being held and specialist­s all over the WORLD exchange ideas and experience in order to minimize the possible damage.

Newspapers in English

Newspapers from Azerbaijan