CYBERSECURITY IN HEALTHCARE, BANKING, AND INSURANCE SECTORS REGULATIONS, SIMILARITIES AND DIFFERENCES INSIGHTS FROM NORTH MACEDONIA

Abstract

The roots of cybersecurity legislation can be traced to 2008, with the initiative of drafting of the first European Critical Infrastructure (ECI) Directive, which focused primarily on transport and energy infrastructure. While this Directive laid the groundwork for establishing a unified approach, it did not yet address cybersecurity-related risks. Since, North Macedonia has been progressing in cybercrime regulation, prevention, and treatment. Cybersecurity poses particular challenges in healthcare, banking, and insurance, sectors that have similarities but also significant differences, because of the types of data, regulations, and risks they manage. The progress of information and communication technologies, the digitalization of almost all areas of the society, provide benefits for the citizens and institutions but at the same time face risks and challenges of data protection, breach of protocols, and various aspects of violations of cybersecurity. According to available data, the National Cybersecurity Index is 66.67 which falls in the category of “good” but not “top tier”. National legislation, strategic documents, and sectoral action plans feed towards fighting cybercrime. Healthcare, banking and insurance sectors are facing particular risks, and experience similarities and differences with respect to the specifics of the customer/ client data scope, storage, and usage. Research on cybersecurity in healthcare, banking, and insurance reveals significant social and economic consequences, including the loss of sensitive data, weakened public trust in essential services, and increased systemic vulnerabilities. This research aims to identify legislative documents and country achievements in respect to cybersecurity challenges, as well as the specifics of those in particular sectors, such as healthcare, banking and insurance. The research is based on available data analysis, official documents on legislation and cybersecurity strategies and action plans, as well as theory specifics of cybersecurity in health, banking, and insurance sectors. This research will evaluate the effectiveness of policies designed to address cybersecurity issues in those industries in North Macedonia, exploring how the consequences can be prevented and risks mitigated. These findings highlight the urgent need to address regulatory gaps, technological weaknesses, and workforce shortages to strengthen defenses, maintain stability, and ensure sustainable sectoral development. It is evident that detailed research and analysis should be further carried for each sector separately, so the purpose of this paper is to identify similarities and differences rather than to give detailed, in-depth recommendations for each sector. But the path is obvious: by addressing the issues regarding cybersecurity in these three important sectors, through legislation, country strategy and action plans, as in light to constant development of the information and communication technologies, and the sophistication of the cyber-attacks, North Macedonia can transform this challenge into an opportunity for long-term growth and development.