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Cybersecurity Measures for Financial Institutions in Moldova
As the European Union continues to review and update its cybersecurity regulatory framework, it’s essential that countries like Moldova follow suit. In recent years, the rapid development of information technology has led to an increase in cyber security issues, making it crucial for financial institutions to implement robust measures to protect themselves.
The Need for Updates
According to a report by CSIE Working Papers, the European Parliament regularly reviews and updates its cybersecurity regulatory framework, which is something that Moldova should also do. The country’s legislative framework in the field of cybersecurity needs to be updated to bring it in line with European standards.
National Cyber Security Program
The National Cyber Security Program of Moldova has identified several normative documents on cyber security that need to be considered for further development. This includes:
- Assessing and strengthening the country’s internal governance
- Implementing effective risk management systems
Supervisory Review and Evaluation Process (SREP)
In related news, the European Banking Authority (EBA) has included the assessment of internal governance as a component of the Supervisory Review and Evaluation Process (SREP). This means that financial institutions in Moldova need to ensure that their internal governance arrangements are adequate for their risk profile, business model, size and complexity.
Assessing Risk of Fraud
Moreover, assessing the risk of fraud in the internal audit mission is crucial for financial institutions. The reality shows that there are significant differences in the risk of fraud depending on various determinants, which can be identified at different levels of the internal control system.
Conclusion
Implementing robust cybersecurity measures is essential for financial institutions in Moldova to protect themselves from potential threats and ensure compliance with European standards. By strengthening their internal governance, implementing effective risk management systems, and assessing the risk of fraud, these institutions can reduce the likelihood of cyber attacks and ensure the security of their operations.
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