Kyrgyzstan’s Financial Institutions Boost Cybersecurity Efforts After Series of Incidents
In response to a string of digital vandalism incidents that targeted various organizations’ websites, Kyrgyzstan has been prioritizing cybersecurity financing to strengthen its cyber resilience. This effort has received international backing from the World Bank and Korea’s Ministry of Strategy and Finance.
World Bank Launches Digital CASA-Kyrgyz Republic Project
The World Bank has launched a $50 million Digital CASA (Central Asia-South Asia) - Kyrgyz Republic Project, which includes cybersecurity financing as one of its key components. The project aims to enhance the country’s digital infrastructure and promote economic growth through increased access to financial services.
Key Components of the Project
- Cybersecurity financing
- Technical assistance grants to the government
- “Global Cyber Security Capacity Building Program” to strengthen Kyrgyzstan’s cybersecurity capacity across various dimensions
Assessment of Cybersecurity Capacity Maturity Model for Nations
A review assessment conducted by the Global Cyber Security Capacity Centre of the University of Oxford identified areas where Kyrgyzstan needs to improve its cybersecurity capacity. The report recommended specific steps to enhance the country’s cybersecurity posture, including:
- Development of a comprehensive legal and regulatory framework
- National cybersecurity strategy
- National Computer Security Incident Response Team
International Support for Cybersecurity Efforts
To support these efforts, the World Bank has introduced the State Committee of Information Technologies and Communications of Kyrgyzstan (SCITC) to the cutting-edge experience of South Korea. A delegation of experts from the Global Cybersecurity Center for Development delivered a workshop in Bishkek, covering topics such as:
- E-government security
- Incident response
- Global cyber trends
Targeted Cybersecurity Technical Assistance
The World Bank is providing targeted cybersecurity technical assistance to the Digital CASA-Kyrgyz Republic Project Implementation Unit to strengthen its implementation capacity. The unit will work to ensure that cybersecurity aspects are well-covered throughout the project’s implementation components.
Looking Ahead: Evaluating Assistance and Prioritizing Cybersecurity in Financial Institutions
As Kyrgyzstan continues to build up its cyber resilience, the World Bank and other international partners will evaluate their assistance to the country and others. This effort is expected to benefit all citizens and demonstrate the importance of prioritizing cybersecurity in financial institutions.