Albania's central bank strengthens cyber defenses, EU aligned
Gent Sejko, Governor of the Bank of Albania, underscored cybersecurity as a strategic priority for financial stability at the Israel Albania Cyber Summit. He outlined the central bank's initiatives to enhance cyber resilience and align with EU standards.
Evolving threats, strategic response
Governor Sejko highlighted cybersecurity as a defining challenge in an increasingly interconnected and volatile global economy.
He noted that cyberattacks are a frequent part of daily routine, exacerbated by rapid technological advancements and the integration of artificial intelligence within the financial industry.
The Bank of Albania considers a gradual shift in prudential supervisory focus towards emerging risks like cyber risk as inevitable, a stance echoed by the European Banking Authority's 2026 supervisory priorities.
The central bank's strategic agenda on cyber risk focuses on strengthening human capacities, enhancing cooperation with relevant authorities, implementing international best standards, and developing a regulatory framework aligned with the European Union's legal framework.
Methodology and DORA alignment
The Bank of Albania has implemented a cybersecurity assessment methodology, developed with U.S. Treasury assistance, based on 93 controls.
The first full assessment cycle for the banking system is complete, with a horizontal reassessment expected to finalize by Q3 2026.
Concurrently, the central bank is harmonizing its regulatory framework with the EU's Digital Operational Resilience Act (DORA), effective January 2025.
This supports Albania's strategic objective of full EU membership by 2030.
As a critical national infrastructure, the Bank of Albania also invests in resilient technological infrastructure, business continuity, and staff training to ensure robust internal defenses.
A model for emerging markets
Governor Sejko's address highlights a proactive and comprehensive approach to cyber risk, setting a strong example for other emerging economies.
The detailed methodology and clear roadmap for EU alignment demonstrate a serious commitment beyond mere rhetoric.
While implementation challenges remain, Albania's central bank is building a robust foundation for future financial resilience in a digital age.