Baku: One in eight cyberattacks on Azerbaijan directly targets the banking sector, and this trend fully coincides with the global trend, said Reshat Kokchen, Vice President of Cybersecurity Business for EEMEA at Mastercard, during his speech at the 9th International Banking Forum.

According to Azeri-Press News Agency, Kokchen stated that banks in Azerbaijan account for 12% of cyberattacks, making them one of the riskiest sectors. He highlighted that the widespread use of artificial intelligence (AI) enables hackers to perform more targeted and rapid attacks, posing new risks in cybersecurity.

Kokchen noted that digitalization, the proliferation of Internet-connected devices, and the flow of big data are expanding the cyberattack surface. He emphasized that transitioning to AI-based solutions is crucial for effectively preventing risks.

The expert also mentioned that the economic value of cybercrime is projected to reach $15.9 trillion by 2030, ranking it as the third largest “economic power” globally after the United States and China. Mastercard has already offered various consulting services to Azerbaijani banks to enhance cybersecurity and fraud prevention measures.