Page 41 - Annual Report 2023

ANNUAL REPORT 2023 41

The banking sector has faced too an increased years in Albania’s Government, Financial sector,
risk of cyber-attacks in 2023. Cybercriminals have and Telecommunication industry, poses a challenge
strategically targeted financial institutions for diverse due to the inherently unpredictable nature of cyber
purposes, including the illegal acquisition of sensitive threats. Nevertheless, diligent efforts have been
financial information, the disruption of services, and exerted, involving active participation in government
the perpetration of ransomware attacks with the aim initiatives and international collaborations aimed at
of financial exploitation. Given the rapid evolution of the comprehensive assessment of cybersecurity
banks, particularly within the Albanian market, towards risks and increase of workforce technical capacities.
digitalization and the adoption of the open banking This engagement is undertaken with the purpose of
concept, there is a concerted effort to expand the strategically investing in best new technologies to
range of digital services offered, encompassing fortify cybersecurity measures and institute effective
various financial transactions such as payments, controls, thereby playing a crucial role in the mitigation
loans, financial investments etc. In tandem with these of these risks.
advancements dictated by diverse economic and
social conditions, financial institutions correspondingly Consequently, regulatory bodies have augmented
reinforce their cybersecurity posture and enhance their stipulations to fortify the resilience of the financial
measures to safeguard against the attendant threats. sector against cyber-attacks. This augmentation aims
to enhance the efficacy of mitigation and protection
The occurrence of subsequent events ranging mechanisms against evolving cyber and information
from phishing attempts, denial of services, and security risks. The main objective is to ensure
ransomware attacks to more sophisticated cyber the availability, confidentiality, and integrity of the
espionage activities, particularly within the last two information Bank’s assets.