Combating Cybersecurity Threats in Kyrgyzstan’s Financial Institutions

A recent roundtable discussion held in Bishkek, Kyrgyzstan, brought together leading experts in digitalization and cybersecurity to address the growing threat of transnational crime in the IT sphere.

Uniting Forces Against Cybercrime

The event was organized by Bakai Bank OJSC, a leading financial institution in the country. The bank, backed by the Ministry of Internal Affairs of Kyrgyzstan, has taken the initiative to create an expert platform to counter both internal and external cyber threats. This collaborative effort aims to develop practical solutions and adopt a unified cybersecurity strategy among government agencies and private organizations.

Protecting Customer Data

Ensuring the safety of funds held in bank accounts and cards is the top priority for financial institutions, which customers entrust with their personal savings. Bakai Bank’s Director of Marketing Department, Aidai Mokusheva, emphasized that “our concern for the security and privacy of our customers always comes first.” The bank strives to provide its customers with the best financial services while also protecting them from cyber threats and fraudsters.

The meeting featured a sharing of experiences in countering cybercrime, including:

Anti-fraud systems used in the banking sector
Employee training for cellular companies
Prompt law enforcement responses to citizen appeals

These best practices were shared among stakeholders to identify effective ways to counter cyber threats.

Combating Artificial Intelligence-Driven Fraud

Experts discussed a comprehensive package of measures to expose and apprehend criminals exploiting artificial intelligence (AI) to commit fraud. For example, fraudsters have developed neural networks to imitate voices, leading to a surge in phone fraud in Kyrgyzstan this year, with losses exceeding 43 million soms.

Awareness is Key

Experts emphasized that the effectiveness of combating cybercrime relies heavily on bank card holders and e-wallet users themselves, who must be aware of online protection methods. Insufficient awareness and sharing of secret data contribute to the growing number of victims at the hands of fraudsters.

Mokusheva urged customers to adhere to basic security rules and never share personal data with third parties. “The bank will never ask for confidential information, such as CVV-code or card numbers.”

Action Plan Developed

Following the closed discussion, an action plan was developed outlining practical steps to counter cyber fraudsters. The moderator of the meeting, Almazbek Duisheev, Head of the Economic Security Division at Bakai Bank OJSC, expressed hope that this final document will determine the order of interaction between commercial banks, law enforcement agencies, and government bodies to achieve a common goal: ensuring full cybersecurity for the country.

Conclusion

The roundtable discussion demonstrated the importance of collaboration among financial institutions, government agencies, and private organizations in combating cybercrime. By sharing best practices and developing practical solutions, Kyrgyzstan’s financial sector can work together to ensure the safety and security of its customers’ data.