Moldovan Banks Face Growing Threat of Cyber Attacks

Efforts to Counter the Increasing Threat

The Republic of Moldova is taking significant steps to combat the rising threat of cyber attacks on its banks and financial institutions. In response to this growing danger, the government has established two new institutions: the Cybersecurity Agency and the Cybercor National Institute for Cybersecurity Innovation.

Digitalization and Increased Vulnerability

According to officials, the digitalization of government services and online banking have made Moldova’s financial sector a prime target for hackers. The ongoing conflict in Ukraine has also heightened concerns about cyber security in the region.

• Around 20% of cyber attacks on Moldova’s public authorities are attributed to foreign hackers.
• The Republic of Moldova is stepping up efforts to counter the increasing threat of cyber attacks on its banks and financial institutions.

International Cooperation

Mihai Popșoi, Deputy Prime Minister and Minister of Foreign Affairs, emphasized the importance of international cooperation in combating cybercrime. He noted that:

• The new Cybersecurity Agency will work closely with intelligence services, national authorities, and international organizations to identify and prevent cyber threats.
• The agency’s future director, Mihai Lupașcu, outlined plans to secure critical infrastructure and implement preventive measures.

Education and Research

In a separate initiative, the Cybercor National Institute for Cybersecurity Innovation will focus on education and research in the field of cybersecurity. The institute will offer:

• Training programs for students, academics, and other stakeholders
• Conduct research to support Moldova’s economic development and innovation
• Host laboratories to provide hands-on training and experimentation

Financial Support from the United States

The United States has provided significant financial support for the establishment of the two new institutions. The U.S. government has allocated:

• $1.2 million for the Cybersecurity Agency
• $1.4 million for the Cybercor Institute

John Riordan, Deputy Director of the USAID Mission in Moldova, highlighted the importance of technical assistance in helping Moldova respond to cyber attacks.

Key Event: Moldova Cybersecurity Forum 2024

The need for enhanced cybersecurity was a key topic at the Moldova Cybersecurity Forum 2024, held in Chișinău on February 9, 2024. The event brought together over 500 experts, officials, and other stakeholders to discuss the latest trends and challenges in cybersecurity.

Conclusion

In conclusion, the creation of the Cybersecurity Agency and the Cybercor Institute represents a major step forward in Moldova’s efforts to bolster its cybersecurity and protect its digital infrastructure. By investing in education, research, and international collaboration, Moldova is building a more resilient and secure digital future for its banks and financial institutions.