The Governor of the Bank of Albania, Gent Sejko, attended on Thursday the National Cyber Security Conference organized by the National Cyber Security Authority.

This event brought together ministers, representatives from the Diplomatic corps, international partners, representatives of the private sector, and cyber security experts. The conference focused on the vision of Albanian institutions in fortifying the cyber ecosystem and enhancing international collaboration, to tackle cyber security challenges, as well as the novelties and challenges which accompany the development of new technologies.

Governor Sejko presented the strategy implemented by the Bank of Albania for a safe cyberspace.

The modernization and security of information technology, including the expansion of functionalities and strengthening of systems’ resiliency, is one of the main objectives of the Bank of Albania's development. The focus also remains on optimizing the network infrastructure through new technologies for environment protection and energy efficiency, as well as strengthening security through improving business continuity plans and reactions to cyber risks, based on international standards and best practices for cyber protection.

The Bank of Albania continuously works on strengthening the regulatory framework and supervision of information technology risks. The latest advancements in technology have led to a special priority for the approximation of legislation with the best international practices and the EU directives in this area. In more concrete terms the focus in this regard is on:

Having in place regulatory and legal standards for the systems protection; security of personal data and authentification of users.  Simultaneously, clear plans for cyber incident management and system recovery from a cyberattack, have been defined.

Regular auditing and continuous supervision of financial institutions' systems and security measures to provide for compliance with the standards and ensure that financial institutions implement the latest practices in this area and are prepared for new attacks.

Establishing inter-institutional and international collaborations on preventing and combating cybercrime, as well as participating in information exchange groups to share insights on the latest cyberattacks and threats.

Next, Sejko addressed the challenges encountered by the banking sector given cyberattacks, as the latter has become more sophisticated, triggered by attackers who employ new tactics in targeting banking infrastructure. In general, the banking sector deals with a wide range of challenges in the cyber security area that require a combination of modern technologies, detailed reaction plans, and continuous training of staff and customers to effectively protect against various threats.

In recent years, banks have invested considerably in cyber protection, which aims to protect banks from cyberattacks and fortify data and IT infrastructure security.

Concluding, Governor Sejko stated that nowadays, financial institutions are ever more dependent on digital services and systems, while dealing with an increased number of cyber threats. To this end, security in this area should always be addressed as a high-level and cross-functional issue that affects the entire system at a country level.