Senate Approves Amendments to Enhance Cybersecurity Measures for Banks in Uzbekistan
The 53rd plenary meeting of the Senate of Oliy Majlis recently focused on amendments to laws in the field of cybersecurity, as reported by the press service of the parliamentary upper house.
During the meeting, the importance of enhancing information security and cybersecurity within credit institutions was emphasized. The amendments grant the Central Bank of Uzbekistan additional powers to identify security and cybersecurity threats from various financial entities, such as credit and payment institutions, payment system operators, currency exchanges, credit bureaus, and take necessary measures to prevent them.
The revised laws now include rules pertaining to cybersecurity in the Administrative Responsibility Code, as well as in laws related to the Central Bank, Banks and Banking Activities, Banking Secrecy, Protection of Information in an Automated Banking System, Electronic Government, payments and payment systems, and non-bank credit organizations and microfinance activities.
Violations of legal requirements for ensuring information security and cybersecurity in banking information systems are now classified as gross violations under the amendments. Furthermore, the law aims to ensure information security and cybersecurity of banks’ information systems and resources, as well as protect bank secrecy.
Senators believe that the adoption of these amendments will enhance information security in the operations of credit and non-bank credit institutions, along with the e-government system, and help prevent cybercrimes utilizing information and communication technologies.
Following discussions, the amended law was approved by senators, marking a significant step towards improving cybersecurity measures in Uzbekistan’s financial sector.
