cyber- security-banks – Albanian  Telegraphic  Agency. https://en.ata.gov.al News Agency Tue, 07 Feb 2023 20:05:11 +0000 en-US hourly 1 Bank of Albania, regulatory framework for cyber security of banks https://en.ata.gov.al/2023/02/07/bank-of-albania-regulatory-framework-for-cyber-security-of-banks/ https://en.ata.gov.al/2023/02/07/bank-of-albania-regulatory-framework-for-cyber-security-of-banks/#respond Tue, 07 Feb 2023 20:05:11 +0000 http://en.ata.gov.al/?p=198830 TIRANA, Feb 7 /ATA/ The Bank of Albania is working to complete the regulatory framework, on the requirements that the banking sector must implement to ensure adequate cyber protection.

The medium-term strategy of the Bank of Albania for the period 2023-2025 envisages the adoption of international standards for assessing the adequacy of the security perimeter against cyber attacks, the continuity of the activities of licensed entities and intensification of cooperation with banks in the protection against cyber attacks.

Currently, the Bank of Albania does not have a special regulation in place regarding the standards or criteria that commercial banks must meet regarding cyber security.

The use of information and communication technology by banks is mainly regulated by the regulations, “On the supervision of electronic banking transactions”, and “On the use of information and communication technology in entities licensed by the Bank of Albania”.

Given the rapid advancement of technology and the increase in degree of cyber risk, the regulatory framework in this regard needs to be improved according to the EU.
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