Central Bank Authority to Increase Cybersecurity Oversight
The Central Bank to Identify Cyber Threats in Banking Systems
The Senate has recently approved a bill to enhance the Central Bank’s authority in addressing cybersecurity threats within the banking and financial sectors. This legislative measure aims to bolster information security measures in credit and financial institutions, granting the regulator additional capabilities in detecting cyber threats.
With the newly expanded powers, the Central Bank will be able to proactively search for and identify security risks in various financial entities, including credit and payment organizations, payment systems, credit bureaus, and currency exchanges. The law also empowers the regulator to take necessary actions to mitigate and prevent potential risks.
Any breaches of legal requirements pertaining to cybersecurity in banking information systems will be deemed a serious violation, potentially resulting in the revocation of licenses. In alignment with President Shavkat Mirziyoyev’s directives in December 2023, the Central Bank now has the authority to request the blocking of bank cards and accounts involved in suspicious transactions. Financial institutions are also mandated to implement anti-fraud systems and enhance monitoring over significant peer-to-peer transfers.
During the recent PLUS forum, Deputy Head of the Central Bank, Sodir Melibayev, revealed plans for the development of a centralized anti-fraud system that will involve the participation of all payment organizations and commercial banks. Additionally, technical requirements for the implementation of an open banking system are currently being prepared by the Central Bank.
In light of these developments, it is evident that the Central Bank is taking proactive steps to safeguard the integrity and security of the financial sector against cyber threats. With increased vigilance and regulatory oversight, the banking systems in Uzbekistan are poised to strengthen their resilience against evolving cybersecurity risks.
