Albania’s Central Bank steps up cyber-security measures
Albania’s Central Bank Governor, Gent Sejko, addressed a hearing at the Commission against Disinformation today, focusing on the rising threats of cyber-attacks targeting the country’s financial institutions. Sejko highlighted a recent incident involving a second-tier bank that suffered a cyber-attack. While the attack did not compromise bank accounts, it did affect information security.
Why is this important: This development underscores the increasing cyber threats that financial institutions face, prompting a vigorous response to protect critical national infrastructure.
Context: Governor Sejko noted that, thankfully, due to prompt and coordinated efforts by law enforcement institutions, the recent cyber-attack was swiftly contained and managed. He stressed the importance of ongoing adjustments to regulatory frameworks to address these evolving threats. The Governor announced that the Bank of Albania, with technical assistance from the U.S. Department of the Treasury has developed a new regulation known as DORA (Digital Operational Resilience Act) for defending against cyber-attacks and information technology breaches. This regulation is set to be approved at the next meeting of the Supervisory Council.
Immediate and long-term measures:
- Regulatory updates: The new regulatory framework, DORA, will introduce more organized measures for protecting the banking system against cyber threats.
- Enhanced cyber security: The regulation aims to bolster the defenses of second-tier banks against cyber-attacks, significantly enhancing the overall security posture of Albania’s banking sector.
What’s next: With the implementation of DORA, Albania’s financial institutions will see a significant upgrade in their cyber security defenses. This is part of a broader effort to safeguard the nation’s economic stability and maintain the integrity of its financial systems. The upcoming Supervisory Council meeting will be a critical juncture for formalizing these vital protective measures.
Go deeper
275,000 families and individuals to receive year-end bonus from Albanian Government
Published on December 26, 2024
Why is this important: Families and individuals in vulnerable social categories receive very low monthly payments, which have seen modest increases over the past decade. This government decision aims to provide much-needed support for those living at or below the minimum living standard particularly during the holiday season.
Shëngjin-Velipojë road set to transform Northern Albania’s tourism landscape
Published on December 23, 2024
Why is this important: The lack of quality infrastructure has long hindered Albania’s economic development. Projects like the Shëngjin-Velipojë road are very important for unlocking the region’s economic and social potential. By improving access to these coastal destinations, the road is poised to stimulate local economies, attract private investments in tourism, and create numerous job opportunities. For northern Albania, an area renowned for its natural beauty yet underserved in infrastructure, the project represents a transformative step forward.
Albania gradually becoming a hub for foreign investment
Published on December 23, 2024
Why is this important: Attracting foreign investment is key for Albania’s economic development, job creation, and integration into the broader European market. With Albania’s commitment to fostering a supportive business environment, foreign investments not only bring in capital but also transfer technology, innovation, and expertise that can modernize key industries.