Azerbaijan expects losses due to cyber incidents to double

In Azerbaijan, losses from cyber incidents will roughly double compared to last year, reaching 40 million manats ($23.529 million), Rauf Jabarov, executive director of the Azerbaijan Cybersecurity Organizations Association (ACOA), said at a fintech forum in Baku, Report informs.

"According to the Ministry of Internal Affairs, losses totaling 22 million manats ($12.941 million) were recorded in the country last year. Banks and other financial institutions also play a role here. Their vulnerabilities lead to such incidents. However, human error also plays a role in the increase in losses," he noted.