Financial Crime World

Moldova Adopts National Cybersecurity Law to Enhance Financial Institutions’ Resilience

Chisinau, Moldova - May 2nd, the Republic of Moldova has taken a significant step towards bolstering its cybersecurity landscape with the publication of its national cybersecurity law in the Official Gazette. The law is set to come into effect on January 1st, 2025, and was drafted with the support of the European Union’s Moldova Cyber Security Rapid Assistance Project.

Boosting Cyber Resilience

The newly enacted legislation aims to boost the cyber resilience of public sector organizations and critical infrastructure actors in Moldova, including financial institutions. According to Jānis Mažeiks, Ambassador of the European Union to the Republic of Moldova, the adoption of the cybersecurity law is a crucial step towards improving the country’s ability to counter hybrid threats and aligning its institutions with relevant EU provisions.

Key Provisions

  • The competent authority in Moldova will be responsible for designating essential service providers, including financial institutions, that must achieve a minimum level of cybersecurity.
  • Designated entities will also be required to report significant cyber incidents to the Moldovan competent authority.
  • Estonian e-Governance Academy (eGA) experts played a crucial role in drafting the law, providing guidance on defining clear areas of responsibility for managing Moldova’s cybersecurity.

Importance of Cybersecurity

Dumitru Alaiba, Moldova’s Deputy Prime Minister and Minister of Economic Development and Digitalization, emphasized the importance of cybersecurity in light of the country’s vulnerable geopolitical position between the European Union and Russia. He noted that the best practices from the EU were incorporated into the country’s cybersecurity policy to facilitate regional and international communication and enhance security and resilience.

Implementation

The support provided by eGA was part of the European Union-funded Moldova Rapid Assistance Project, which aims to enhance the cyber resilience of public sector organizations and key critical infrastructure sectors. The project’s activities were carried out by eGA from May 2022 to November 2023.

Impact on Financial Institutions

With the implementation of this law, financial institutions in Moldova can expect enhanced cybersecurity measures to protect against potential threats, ultimately ensuring a safer and more secure digital environment for citizens and businesses alike.