Powers of Central Bank in field of cybersecurity to be expanded

On June 21, the Senate approved a bill to expand the powers of the Central Bank in the field of cybersecurity, the press service of the upper house of Oliy Majlis reported.

The document is aimed at increasing measures to ensure information security in the credit and financial sectors. To achieve this, the regulator is given additional powers to identify cyber threats.

The Central Bank will be able to search and detect security threats in credit and payment organizations, payment systems, credit bureaus, and currency exchanges. The law outlines the regulator's ability to prevent risks.

Violation of legal requirements for ensuring cybersecurity in banking information systems will be considered a gross violation. This means that it may result in termination of the license.

In December 2023, Shavkat Mirziyoyev gave the Central Bank the right to demand blocking of bank cards and accounts for questionable transactions. In addition, financial organizations are instructed to introduce anti-fraud systems and control over large p2p transfers.

Deputy head of the Central Bank Sodir Melibayev announced at the PLUS forum about the development of a centralized anti-fraud system. It is planned to connect all payment organizations and commercial banks to it.

Previously, it was reported that the CB is preparing technical specifications and requirements for a tender for the implementation of an open banking system.