Uzbekistan’s fintech industry is experiencing rapid growth, driven by digital banking innovations and a rising demand for cashless payments. However, with this growth comes increased exposure to cyber threats, making cybersecurity a top priority. At the Cyber Security Summit 2024 in Tashkent, a panel session titled “Safeguarding Fintech Innovation: Cyber Security for the Banking, Payments & Financial Services Sector” brought together industry leaders and experts to address these pressing challenges.
Moderated by Otabek Nasirov, Chairman of the Central Asian Fintech Association, the session featured prominent voices from both government and private sectors, each sharing insights into the rapidly evolving cybersecurity landscape and strategies to protect the financial services sector.
Sodir Melibayev, Deputy Chairman of the Central Bank of Uzbekistan, began by emphasizing the critical nature of cybersecurity in financial services, declaring, “Cybersecurity is no longer an option but a necessity. As the financial sector becomes more digitalized, the threats grow. Protecting our systems is a matter of national security, and we must ensure that our fintech innovations are secure from day one.”
He stressed that regulatory bodies need to be proactive in creating frameworks that support both innovation and security. “It is not enough to merely react to threats; we need to anticipate them, and that requires close collaboration between regulators, banks, and fintech companies,” he added.
Rustam Baltayev, Head of the Department of CERT-CBU at the Central Bank of Uzbekistan, highlighted the growing sophistication of cyberattacks on the financial sector. “The complexity of today’s cyber threats requires an equally sophisticated response. We at CERT-CBU have developed a comprehensive incident response strategy, but the nature of these threats is ever-evolving,” he explained.
Baltayev pointed out that coordination between financial institutions and the government is key, stating, “No single entity can combat these threats alone. Our strength lies in collaboration, rapid response, and sharing intelligence across the sector.”
Andrey Shishkin, Director of the Information Security Assurance Department at Uzcard, spoke about the challenges of securing digital payment platforms. “With the growth of cashless transactions, the risk of fraud and data breaches has escalated significantly. At Uzcard, we have implemented several layers of security to protect against these threats,” he said.
Shishkin also highlighted the importance of continuous improvement, noting, “Cybercriminals are constantly finding new ways to exploit weaknesses. We must stay one step ahead by regularly upgrading our defenses and educating our customers about the risks.”
Konstantin Chigerev, Chief Information Security Officer at Group-IB, delved into the rise of social engineering and phishing attacks that have been plaguing the sector. “The human element is often the weakest link in cybersecurity. Attackers are becoming more adept at using social engineering techniques to trick individuals into giving away sensitive information,” he remarked.
Chigerev emphasized the need for both technological solutions and human awareness, adding, “While advanced security systems can detect and block many threats, training employees and customers to recognize and avoid phishing attempts is equally crucial. Awareness is our first line of defense.”
Maksim Lebedev, Country Manager of Fortinet INC., focused on the integration of artificial intelligence in cybersecurity solutions. “AI and machine learning are game changers in the cybersecurity field. These technologies allow us to detect patterns and anomalies that might go unnoticed by traditional systems,” he stated.
Lebedev explained that AI can automate responses to cyberattacks in real-time, reducing the risk of human error. “Financial institutions must leverage AI not just for threat detection but for automating defenses to stay ahead of increasingly automated attacks,” he added.
Olimjon Tolipov, Head of the Cybersecurity Center CERT CBU at the Central Bank of Uzbekistan, spoke about the importance of capacity building within the cybersecurity workforce. “We need more cybersecurity specialists, and they need to be well-trained. This is not just about having more people, but about having people with the right skills to deal with modern cyber threats,” Tolipov emphasized.
He continued, “Training is key, and it must be continuous. The cyber threat landscape is constantly changing, and our professionals need to stay ahead of the curve.” Tolipov also called for greater investment in cybersecurity education and awareness programs.
Wrapping up the session, Shukhratbek Burbanov, CEO of HUMO, discussed the delicate balance between fintech innovation and security. “As we push for more fintech innovation, we must not lose sight of security. Every new feature, every new service, must be built with cybersecurity in mind from the very beginning,” he said.
Burbanov also stressed that cybersecurity must be a core component of the fintech development process, not an afterthought. “We are in an arms race with cybercriminals, and to win, we need to integrate security at every level—from infrastructure to the end-user,” he concluded.
The panelists collectively agreed that a unified, cross-sector approach is essential for the future of fintech security. The session highlighted the need for cooperation between government regulators, financial institutions, and technology providers to build a resilient cybersecurity framework that can protect the rapidly evolving financial services sector.
As Nasirov summarized in his closing remarks, “The future of fintech depends on our ability to innovate securely. Collaboration, education, and advanced technologies will be our best weapons in this fight against cyber threats.” The session underscored the critical importance of both technological solutions and human vigilance in safeguarding fintech innovation.
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