Deputy Governor Cakaj: The CBK continues to advance capacities for cyber security; maintaining the stability of the financial system requires institutional coordination

The Central Bank of the Republic of Kosovo continues to strengthen internal cyber security capacities, with the establishment of a new Division for the Supervision of Information Systems, as announced by Mr. Milot Cakaj, Deputy Governor for Financial Supervision, at the Banking Cybersecurity Forum in Prishtina.

In his opening remarks, Deputy Governor Cakaj underlined that collaboration among banks—particularly among experts—will prevent and mitigate cyber security-related threats and incidents.

“We need to focus on preventing and mitigating cyber security-related threats and incidents. Sharing information about attacks and vulnerabilities, as well as solving problems, is critical. It is about solidarity and alliance”, Deputy Governor Cakaj stated.

He continued by saying that the CBK is collaborating with the International Monetary Fund to establish Regulatory Framework for Cyber Security. The draft will be distributed for consultation to all financial system actors in the country.

At the end of his speech, Deputy Governor Cakaj stated that cyber security is about trusting the banking system, which he believes is the foundation of the financial sector’s stability.
As part of the work, the role of cyber security and maintaining trust in the financial system was discussed, including instant payments and other digital payments advancements. In this discussion panel, Mr. Elvin Mala, Head of the Information Systems Supervision Division, discusses regulatory and compliance issues, as well as cyber security risks in the financial sector.