The European Bank for Reconstruction and Development (EBRD) has initiated a partnership with ISSP, a global cybersecurity service provider based in Ukraine, to strengthen the cyber resilience of small and medium-sized enterprises (SMEs) in Moldova. This collaboration focuses on enhancing digital security for these businesses.
In Chisinau, SME owners and entrepreneurs participated in a comprehensive cybersecurity training day. The objective of this training was to integrate sustainable cybersecurity practices into their business operations and support their digital transformation journey. The training provided insights into the fundamental aspects of an effective cybersecurity framework. Participants were equipped with skills and tools to heighten their understanding of cyber risks, learn to pinpoint vulnerable sectors within their businesses, and enhance their capability to manage cyber threats.
Key topics covered included data privacy and protection, common security challenges for SMEs, methods to identify and counter cyberattacks, and the importance of cyber compliance and accountability.
The need for such training has become more urgent given the significant rise in cyberattacks in Moldova and other Eastern Partnership countries (Armenia, Azerbaijan, Georgia, Ukraine) since the onset of the war in Ukraine. These attacks disproportionately impact SMEs, which represent over 99% of all businesses in EBRD regions and often lack adequate resources and expertise to fend off such threats.
Angela Sax, EBRD Associate Director and Head of Moldova, highlighted the partnership with ISSP’s Ukrainian team as a key step in helping Moldovan SMEs establish robust digital infrastructures, especially given the increased vulnerability to cyberattacks recently. Jacek Kubas, EBRD Head of Digital, also expressed satisfaction with deploying the Bank’s first cybersecurity project in Moldova as part of its Cybersecurity Toolkit.
This training is an extension of the EBRD Digital Hub’s Cybersecurity Toolkit, launched in January 2022. The toolkit is an advisory program aimed at enhancing clients’ cybersecurity resilience, in line with the Bank’s Digital Approach. This approach focuses on equitable access to digital technology, strong governance practices, and financial and technical assistance to companies and governments.
The initiative builds on the EBRD’s Advice for Small Businesses program, which offers consulting, training, and mentoring to SMEs to boost their competitiveness and resilience.
Through its collaboration with ISSP, the EBRD addresses the critical gap in cybersecurity training for SMEs in Moldova, supporting their sustainable digital transformation. This initiative is in line with the Bank’s strategic emphasis on digitalization, which includes helping SMEs embrace new technologies while improving their digital security.
The EBRD is a major institutional investor in Moldova, having invested over €1.8 billion across 158 projects in the country.
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