EFFECTIVENESS OF PROPOSALS AIMED AT INCREASING THE SECURITY OF FINANCIAL SYSTEMS IN UZBEKISTAN
Keywords:
financial security, digital economy, cybersecurity, electronic payments, risk management, Uzbekistan.Abstract
Ensuring the security of financial systems in Uzbekistan has become increasingly important in the context of rapid digitalization and the expansion of electronic financial services. The widespread adoption of information technologies in banking, payment systems, and other financial institutions has improved service efficiency and accessibility but has also introduced cybersecurity risks, fraud, and data breaches. This study examines measures implemented to strengthen financial system security, including technological, organizational, and legal interventions, and evaluates their effectiveness in reducing risks and enhancing trust. Key strategies include modernizing information systems, implementing multi-factor authentication, promoting cryptographic protection, training personnel in cybersecurity, and improving regulatory frameworks. The findings emphasize that a comprehensive approach, combining technical, human, and legal measures, is essential for maintaining financial stability, fostering confidence in digital financial services, and supporting sustainable development in Uzbekistan.
References
Central Bank of the Republic of Uzbekistan. Reports and analytical materials on the development of the banking system and payment infrastructure in Uzbekistan.
Ministry of Digital Technologies of the Republic of Uzbekistan. Policy documents on digital economy development and cybersecurity initiatives.
World Bank. Studies on digital financial services, cybersecurity risks, and financial sector resilience in emerging economies.
International Monetary Fund (IMF). Financial system stability and risk management frameworks in developing countries.
Basel Committee on Banking Supervision. Principles for operational resilience and cybersecurity in financial institutions.
National legislation of the Republic of Uzbekistan on electronic payments, digital contracts, and personal data protection.
European Central Bank. Cyber resilience oversight expectations for financial market infrastructures.
NIST (National Institute of Standards and Technology). Cybersecurity Framework for improving critical infrastructure security.
ISO/IEC. International standards on information security management systems (ISO/IEC 27001 series).
Academic literature on blockchain applications in financial services and digital payment security systems.
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