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  • Writer's pictureISSP

ISSP in partnership with the EBRD support Moldovan SMEs in increasing their cyber resilience

ISSP, a global cybersecurity company founded in Ukraine, and the European Bank for Reconstruction and Development (EBRD) conducted a practical workshop for small and medium-sized enterprises (SMEs) in Moldova. The training is a part of the first EBRD cybersecurity project in Moldova in the frame of the Bank’s Cybersecurity Toolkit, an advisory program set up in January 2022.

“The workshop held in Moldova is a major milestone for the broader regional cybersecurity of SMEs. Over the years we saw a number of supply chain cyberattacks that resulted in significant losses and business disruption not only for SMEs, but for corporations, critical infrastructure and government. With this project, we plan to start a series of activities to increase cybersecurity awareness and resilience of this sector in Ukraine, Moldova, Georgia, Kazakhstan and our other countries of presence,” Roman Sologub, CEO at ISSP said.

More than 40 participants attended a full day of cybersecurity training in Chisinau that enabled the companies to identify cyber risks and minimize potential financial and reputational loss from cyberattacks. The main goal of the event is to enhance the digital and cyber resilience of SMEs and provide the companies with the practical knowledge they need to effectively address constantly growing cyber threats.

“SMEs, in Moldova and globally, should become aware that cybersecurity is a significant concern for business continuity. Risks continue to evolve; therefore, cybersecurity should be considered equally relevant for businesses as are legal and financial risks. The efforts of the EBRD Digital Hub and the Advice for Small Businesses program to provide a training session for Moldovan SMEs is a vital first step in developing an ecosystem where business leaders begin to address the issue of cybersecurity and mitigate their risks,” Vladimir Boianji, CRO at ISSP, commented.

Among other topics, entrepreneurs discussed data privacy and protection, common security threats and risks faced by SMEs, and learned how to detect and respond to cyberattacks, while ensuring cyber compliance and accountability.

Angela Sax, EBRD Associate Director and Head of Moldova, mentioned: “We are proud to be working together with ISSP’s Ukrainian team to help SMEs in Moldova set the foundations for a sustainable and resilient digital infrastructure, which in recent times has become particularly vulnerable to cyberattacks. This work continues to support the digital transition in Moldova and the private sector’s development and competitiveness.”

After the workshop participants became familiarized with effective tools for mitigating cyber risks and had an understanding of how to improve security awareness (and behaviors) throughout their companies.

According to Artem Mykhailov, ISSP Enterprise Solutions Director, cybersecurity is no longer a game only for Enterprises – with the rise of Supply Chain Attacks, SMEs became an entry point for most of the advanced persistent threat (APT) attacks. Compliance is now starting to cover SMEs just as it used to regulate large corporates. "SMEs should start caring about cybersecurity now because it’s a long journey and they are targeted by adversaries right now. In a year or two when the compliance violation penalties could reach the SMEs, they should be prepared," Artem concluded.

Additionally, the ISSP experts team prepared a brief practical cybersecurity manual specially developed to cover SMEs' needs. The textbook includes detailed explanations about common security threats and risks for SMEs, illustrated with case studies. It also covers basic advice on effective incident response and describes practical steps to be taken by SMEs to enhance their cyber resilience.

By partnering with ISSP, the EBRD aims to address the lack of cybersecurity training for SMEs in Moldova, while supporting the private sector’s sustainable digital transformation. The initiative aligns with the Bank’s strategic priority in digitalization, which, among other objectives, aims to help SMEs adopt new technologies while enhancing their digital security.

As an international cybersecurity service provider ISSP serves multiple SMEs from e-commerce, health, agriculture, finance, and other industries and offers virtual CISO and 24/7 cybersecurity monitoring. We developed special solutions for startups that provides access to a leading technology stack and a skilled and highly motivated team without the hassle and costs associated with hiring, training, and retaining high-quality cybersecurity professionals.

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