Enhanced Central Bank Powers Under New Cybersecurity Law to Protect Financial Sector
The regulator will be stepping up its efforts to detect cybersecurity threats in the systems of banks and other financial sector institutions. This move comes as part of a new law signed by the president on September 20, aimed at ensuring cybersecurity in the banking and financial sectors.
According to the Ministry of Justice, the law outlines new requirements for information security in various financial institutions, including banks, non-bank credit institutions, payment systems, and the electronic government. The Central Bank will now have the power to identify cybersecurity threats in the operations of these institutions, as well as take measures to prevent such threats.
Violations of the cybersecurity legislation in banking systems will now be considered a serious offense, potentially leading to the revocation of a license. The law is set to come into force three months after its official publication.
In addition, financial organizations have been instructed to implement anti-fraud systems and monitor large peer-to-peer (p2p) transfers. The Central Bank is also working on developing a centralized anti-fraud system that will be connected to all payment organizations and commercial banks.
Overall, these new measures are aimed at strengthening cybersecurity in the banking and financial sectors, ensuring the protection of financial information and transactions. It is clear that the government is taking proactive steps to safeguard the integrity of the financial system.
