Governor Ismaili: the CBK is committed to maintaining the stability of the financial system related to cyber security, with inter-institutional coordination and financial education

The cyber threat continues to evolve and become more complex amid on-going digitization, increased dependencies on third parties and geopolitical tensions, while the Central Bank of the Republic of Kosovo remains committed to maintaining the stability of the banking and financial system in the country, addressing with increased caution the security aspects and the risks that come from them.

This is what the Governor of the Central Bank of the Republic of Kosovo, Ahmet Ismaili, said in the opening remarks of the regional conference “Cyber security in the banking industry”, co-organized by the Kosovo Banking Association and Albania, an event supported by EFSE and the European Union.

Governor Ismaili emphasized that strengthening cyber security in the financial sector is a high priority and is related to the country’s financial stability.

“Cyber threat continues to evolve and become more complex amid continuous digitalization, increased dependencies on third parties and geopolitical tensions. Therefore, strengthening cyber security in the financial sector is a priority related to financial stability and not only. Its influence extends to national security,” Governor Ismaili said.

“The Central Bank of the Republic of Kosovo, according to its mandate, maintains banking and financial system soundness in general, recognizes and addresses with increased precaution the aspects of cyber security and the risks that come from them. The CBK recognizes the critical importance of information systems and cyber security in the financial sector, as well as the need for proactive protective measures to maintain the stability and integrity of financial institutions”, Governor Ismaili added.

According to Governor Ismaili, CBK is committed to building and advancing infrastructural capacity and human resources related to the supervision of information technology risks, especially cyber ones.

“There will be investment in building and advancing infrastructural capacities and human resources to ensure that systems, equipment, knowledge, skills and personnel tools remain relevant and effective in overseeing the risks of new technologies and innovative business models. Strengthening internal capacities will be based on agreed support through technical assistance from the specialized team of the International Monetary Fund, who will help design the strategic framework, policies and procedures according to the best International standards”, Governor Ismaili emphasized.

In this conference, the head of the CBK said that he expects the financial industry, especially the banking industry, to address cyber risk through specific strategies, policies and procedures, as well as to increase attention to external ownership and origins of funds of partners, contractors and customers, given the current geostrategic risks.

“Banks and financial institutions should take into account factors that ensure business continuity, confidentiality and integrity of information when contracting services from external parties, as well as increase attention to the external ownership and origins of funds of contractors, partners and customers, through adequate mechanisms of observation and precaution, taking into account the current geostrategic risks”, the head of the CBK added.

Also, Governor Ismaili said that the Republic of Kosovo has developed capacities in the state aspect, but that customer care and financial education play an important role in conveying messages to all citizens.

“The Republic of Kosovo has developed capacities in the state aspect, where the financial sector also has the right professionals to achieve this goal. Financial education plays an important role so that these messages are conveyed to all citizens so that they have the appropriate attention when using financial services in the country. This should be a common objective”, said Governor Ismaili.

The Governor of the CBK also requested that addressing cyber risks be done in close cooperation with the relevant authorities of the Republic of Kosovo, based on the National Security Strategy, but also responsible regional and international institutions and authorities.

“At the same time, even in the international and regional aspect, with international institutions, regulators of the countries of the region, other institutions, with the aim of coordination and a platform as stable as possible to successfully face these risks and achieve our objectives” , Governor Ismaili said.

In the end, Governor Ismaili said that CBK remains committed to coordinating with regulators, state institutions and financial institutions in Kosovo.

“The CBK remains committed to coordinating and sharing information with other regulators, relevant public authorities such as national security, data protection, consumer protection, competition and others”, Governor Ismaili concluded.