CBA proposes strengthening oversight through legislation to prevent digital theft

The Central Bank of Azerbaijan (CBA) has expressed interest in improving legislation to more effectively regulate and prevent cyber incidents, according to Elnur Eyvazli, Director of the CBA's Information and Cybersecurity Department, Report informs.

Eyvazli made this statement during a conference held as part of the Critical Infrastructure Defense Challenge (CIDC-2025) event.

The official pointed out that a joint working group has been established between the Central Bank and the Ministry of Internal Affairs (MIA), which is operating successfully and delivering positive results.

"If a complaint is submitted to us or the MIA regarding digital theft of funds, we respond promptly in coordination with the digital teams of the banking sector. Our main goal is to prevent stolen funds from being transferred abroad and to ensure they are frozen," he stated.

Eyvazli added that once the funds are frozen by court order, they are returned to the victim: "Such cases are not uncommon. However, we believe that legislative amendments will be necessary in the future. It's frequent that cardholders hand over their cards to others and later claim they were unaware of the restrictions. In such cases, the cards are blocked."