A. Staničić at the 2nd Annual Meeting of Regulators: Joint regulatory action is essential for resilience to cyber threats

Hanfa was one of the co-organisers of the 2nd Annual Meeting of Regulators, held today at the premises of the Croatian National Bank (CNB). The event brought together representatives of Croatia's regulatory authorities with the aim of exchanging experiences, identifying common challenges and further strengthening inter-institutional cooperation.

This year's gathering focused on the impact of global instability on the work of regulatory authorities, with particular emphasis on cybersecurity and the resilience of regulatory institutions in an increasingly complex international environment. Alongside Hanfa representatives, the event was attended by representatives of the Agency for Electronic Media (AEM), the Croatian Personal Data Protection Agency (AZOP), the Croatian Competition Agency (CCA), the Croatian Energy Regulatory Agency (HERA), the Croatian National Bank (CNB) and the Croatian Regulatory Authority for Network Industries (HAKOM).

The event was opened with introductory remarks by Ante Žigman, Governor of the CNB; Ante Šušnjar, Minister of Economy; Tomislav Ćorić, Deputy Prime Minister and Minister of Finance; and Tonko Obuljen, President of HAKOM's Council.

"In times of crisis, citizens are not concerned with where the responsibility of one institution ends and of another one begins. What matters to them is whether they can make payments, access their money, use essential services and obtain reliable information. That is why maintaining trust and cooperation among regulators is becoming one of the key prerequisites for confidence and stability," said Ante Žigman, Governor of the CNB.

Minister of Economy Ante Šušnjar noted that the development of the Croatian economy requires clear rules, strong institutions and a regulatory system capable of keeping pace with market developments. "This is particularly important in the energy sector, where security of supply and a stable regulatory framework have a direct impact on citizens, businesses and industry. The same applies to consumer protection, as a well-regulated market ensures that citizens understand their rights," he said.

Speaking about technological developments, the Minister also emphasised that artificial intelligence, digital platforms and cybersecurity have a direct impact on the economy and require regulatory solutions that keep pace with technological progress. He added: "It is important for regulatory authorities to exchange experiences and develop solutions that protect citizens, provide stable conditions for investment and contribute to the competitiveness of the Croatian economy."

Deputy Prime Minister and Minister of Finance Tomislav Ćorić praised the conference as a valuable platform for constructive dialogue and stronger cooperation among institutions that share responsibility for citizens and the economy. He emphasised: "The risks we face no longer stem solely from economic developments. Alongside financial cycles and market disruptions, regulatory systems are now required to respond to cyberattacks, geopolitical instability and the rapid advancement of artificial intelligence, while also keeping pace with the growing interconnectedness of financial, energy and digital systems."

Minister Ćorić explained that regulatory authorities are increasingly focusing on these emerging challenges and threats, while at the same time remaining committed to their core mission of consistently ensuring legality, stability, transparency and a level playing field for all market participants. "In recent years, the Republic of Croatia has made significant progress in strengthening institutional resilience. Joining the euro area and the Schengen Area, together with the OECD accession process, forms part of the same strategic framework in which regulators play an active role every day. Their work therefore influences not only public confidence at home but also sends a clear message to international partners regarding the rule of law and the predictability of the regulatory environment. In that context, inter-institutional cooperation is becoming just as important as the expertise of each individual regulator."

Tonko Obuljen, President of HAKOM's Council, highlighted that the conference provided an opportunity to bring together different perspectives, including communications infrastructure, financial stability, operational resilience, incident management and institutional accountability. "Resilience is not a state that can be achieved once and for all. It is the ability to adapt continuously. Threats evolve faster than regulatory cycles, technologies advance more rapidly than procedures, and attackers increasingly use automation, artificial intelligence and social engineering to circumvent traditional defence mechanisms. Our objective cannot be to promise absolute security. Such a promise would not be realistic. The goal must be to reduce the likelihood of serious incidents, limit their impact when they occur, ensure the continuity of critical services and preserve the trust of users and the wider public." He further noted that without reliable communications networks there can be no stable digital economy.

During her presentation titled "When cyberattacks become a weapon: Implications for regulators", Deputy President of Hanfa Board Anamarija Staničić addressed the increasing level of global uncertainty and systemic risks, which has contributed to the erosion of regulatory predictability and moved regulators into what she described as a "permacrisis" environment rather than a stable operating environment. She emphasised: "The financial sector is a particularly attractive target, and regulators have a dual role: safeguarding market stability while strengthening their own resilience."

Staničić also presented Hanfa's approach to cybersecurity, placing particular emphasis on resilience-building, human capital development, preventive activities and cooperation with relevant stakeholders. She concluded with a key message for regulators: "Today's cyber threats exceed the capabilities of any single institution. Cooperation, knowledge-sharing and a coordinated regulatory approach are therefore more important than ever. The resilience of the financial system depends on our ability to jointly identify and respond to risks that recognise neither institutional nor national borders."

The conference continued with a panel discussion on "The Impact of global instability on the work of regulatory authorities", moderated by journalist Željko Kardum and featuring Josip Popovac, President of the Electronic Media Council; Zdravko Vukić, Director of AZOP; Mirta Kapural, President of the CCA Competition Council; Nikola Vištica, President of the Board of Commisioners of HERA; Tonko Obuljen, President of HAKOM's Council; and Ante Žigman, Governor of the CNB.

Panellists stressed that the resilience of communications infrastructure should be viewed as a cross-sectoral issue, given that electronic communications networks, internet access, interconnectivity, data flows and digital services constitute critical infrastructure upon which finance, energy, transport, healthcare, public administration, the security sector and many other activities essential to society and the economy depend. Consequently, regulatory responses to such risks must be coordinated.

In a real-life incident, users do not necessarily distinguish whether a disruption originates from a bank, an electronic communications operator, a cloud service provider, a software vendor or a public institution. Citizens and businesses are primarily concerned with whether the service remains operational and whether they can communicate, make payments and obtain reliable information. For this reason, clear protocols, regular exercises, timely information-sharing and close cooperation among regulators, operators, financial institutions, public authorities and European partners are essential.