Albania’s banking sector invests heavily in cybersecurity to counter growing threats

Albanian commercial banks have made significant investments in recent years to enhance cybersecurity measures, aiming to protect against cyber-attacks and strengthen the security of their data and IT infrastructure. This was announced by Gent Sejko, Governor of the Bank of Albania, during the National Cybersecurity Conference organized by the National Cybersecurity Authority.

Why is this important: The focus on cybersecurity reflects the increasing digitalization of financial services and the growing need for comprehensive protection measures. The Bank of Albania is spearheading initiatives to safeguard critical infrastructure and data, ensuring that financial institutions are resilient in the face of evolving cyber threats.

Key details: During his speech, Governor Sejko outlined the Bank of Albania’s main strategies for enhancing cybersecurity in the financial sector:

• Modernization of IT systems: Upgrading technologies to improve the security and functionality of digital platforms.
• Resilience of digital infrastructures: Strengthening systems to withstand potential cyber-attacks.
• Adoption of new technologies: Implementing cutting-edge solutions for optimizing network security.
• Sustainability focus: Improving energy efficiency and environmental protection through technology.
• Cybersecurity enhancements: Developing continuity and risk response plans that comply with international standards.

Sejko emphasized that Albania’s banking sector faces a wide range of cybersecurity challenges, necessitating a combination of advanced technologies, well-defined response plans, and continuous training for staff and customers. As financial services become more digital, the sector is increasingly vulnerable to cyber threats, making robust security measures essential.

Combating cyber risks: The Bank of Albania has introduced regulatory and legal standards to protect financial systems, ensure personal data security, and authenticate users effectively. Regular audits and ongoing supervision of financial institutions are crucial to maintain compliance with these security standards. Additionally, the bank is building international and inter-institutional partnerships to better combat cybercrime.

Sejko also noted that modern financial institutions are becoming more dependent on digital services, making cybersecurity not just an IT issue but a national security priority requiring a cross-functional, high-level approach.

Background information: As digitalization accelerates within Albania’s banking sector, cyber risks are growing more significant. Financial institutions in Albania have increasingly relied on digital platforms, making strong cybersecurity measures more critical than ever. The National Cybersecurity Conference brought together government officials, cybersecurity experts, private sector representatives, and international partners to address these challenges and strengthen Albania’s cyber defense ecosystem.