CBK strengthens the regulatory framework - For Cyber Risk Management of financial institutions
The Central Bank of the Republic of Kosovo (CBK) has adopted the Regulation on Information Systems and Cyber Risk Management, which establishes a comprehensive framework for strengthening digital security and operational resilience in the financial sector.
This step reflects the reality of the digital transformation of the financial sector, where new technologies and innovative use of existing ones increase operational efficiency and the quality of services for customers. However, digitalization also brings greater exposure to technological and cyber risks, which are becoming increasingly sophisticated and can expose the financial ecosystem to risk.
The drafting of the Regulation was supported by the International Monetary Fund (IMF) and is built on industry assessments and the results of over a dozen examinations conducted in recent years.
The regulation requires financial institutions to adopt strong and consistent practices for managing technology and cyber risk, with mandatory standards for financial institutions, respecting the principle of proportionality according to their activity, size, complexity and risk profile.
The regulation allows the use of the most advanced technologies necessary according to the complexity and scale of financial institutions' operations, which will be the focus and assessment of the CBK through the supervisory process, strengthening the basis for effective supervision while preparing the industry for the challenges of digital transformation.
Through this regulation, the CBK provides a clear framework for financial institutions, helping them adopt safe and sound practices that protect not only technological infrastructure, but also overall financial stability and public confidence and protect consumer interests.
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