No significant rise in cyber attacks on Armenian financial institutions- Central Bank

YEREVAN, June 13. /ARKA/ ARKA news agency asked the Central Bank of Armenia to comment on the cyber security situation in the country’s financial system. The regulator’s press service provided the following answers to the agency’s request.

ARKA – Is there an increase in DDoS attacks on the Armenian banking sector?

CB – No. Based on the information of the Union of Banks of Armenia and the findings of studies conducted by the Central Bank, we may say that there has been no significant increase in such attacks.

ARKA – What are the statistics of cyber attacks on Armenian financial organizations in 2022 and how does it compare with previous years?

CB – According to the information received from the banks about the types and number of cyber attacks and cyber incidents, no successful cyber attacks have been registered. Banks’ cybersecurity systems successfully prevent attempted cyber attacks. This statistic is confidential and is not subject to disclosure.

ARKA – What are the indicators of financial losses of organizations and citizens as a result of cyber-attacks?

CB – According to the information received from the banks and based on the results of Central Bank studies, banks have not registered successful cyber attacks and cyber incidents. Thus, banks have not directly suffered financial losses as a result of such attacks. The Central Bank has no information about citizens. Citizens as customers of financial institutions represent a separate target.

ARKA – What kinds of cyber attacks do financial organizations of Armenia face most often?

CB – There are several: DDoS attacks, cyber-attacks, which try to turn vulnerable systems or equipment of banks into Botnets, through which other, for instance DDoS-attacks, will be possible later on, automated port scanning, which tries to find open ports in the bank systems and use them.

ARKA – What countermeasure mechanisms does the regulator apply to combat cyberthreats?

CB – The Central Bank created the Analytical Center of Operational/IT Risks, whose functions include research, analysis, assessment of existing IT and information security risks in the financial system, as well as  formation of proposals for containment mechanisms. Along with the development of IT environment and digitalization of financial services, cyber risk and information security risk management has a high priority for Armenian financial institutions.

ARKA – Is cyber security insurance  applied in Armenia?

CB – This practice exists. There are banks that have insurance contracts covering cyber risks.

ARKA – Are there programs aimed at improving financial literacy of organizations and citizens to protect their cyber security?

CB – As part of the “Financial Education Program of the Republic of Armenia” the Central Bank carries out a number of activities, which also include elements of cybersecurity education for consumers of financial services.  Special programs are conducted for schoolchildren and other target groups (for example, for career army officers, which address current controversial issues. The topic is regularly featured on www.abcfinance.am and on social media sites on Facebook and YouTube. -0-

spot_img

POPULAR

On May 30, “Unisport” will compete for the title of the Armenian champion

On May 30, 2026, the second match of the playoff final of the Armenian Futsal Premier League will take place.

Unibank will not increase fixed-adjustable interest rates on loans secured by real estate

Unibank has decided to keep unchanged the fixed-adjustable interest rates on consumer and mortgage loans secured by real estate, which were scheduled to increase starting from May 2026.

About 10% of Armenia’s dram-denominated government debt is held by international institutional players: Central Bank Governor

Institutional players are entering the dram-denominated government debt market in Armenia, stated Martin Galstyan, Chairman of the Central Bank of Armenia.

Central Bank of Armenia estimated “unexpected losses of banks” under a three-year stress scenario at 185 billion drams

Unexpected losses of the Armenian banking system on the horizon of three-year stress testing at the Central Bank are estimated at about 2% of risk-weighted assets, or about 185 billion drams, said Martin Galstyan, Chairman of the Central Bank of Armenia, presenting the financial stability report for 2025.

Central Bank of Armenia is concerned about the outpacing growth of lending and urges banks to exercise caution

The Central Bank of Armenia considers it important for commercial banks to exercise caution when providing new loans amid the outpacing growth of lending compared to revenues, stated Central Bank Chairman Martin Galstyan.

LATEST NEWS

spot_imgspot_imgspot_img