Second Annual Conference of Regulatory Authorities – The Impact of Global Instability on the Work of Regulators

The second annual conference of regulatory authorities, held today at the Croatian National Bank (HNB), brought together representatives of Croatia’s regulatory institutions to exchange experience, identify common challenges, and strengthen interinstitutional cooperation. Participants included representatives of the Agency for Media (AEM), the Croatian Personal Data Protection Agency (AZOP), the Croatian Competition Agency (CCA), the Croatian Financial Services Supervisory Agency (Hanfa), the Croatian Energy Regulatory Agency (HERA), the Croatian National Bank (HNB), and the Croatian Regulatory Authority for Network Industries (HAKOM).

The central theme of this year’s conference was the impact of global instability on the work of regulatory authorities, with a particular focus on cybersecurity.

The conference opened with welcoming remarks from Ante Žigman, governor of the Croatian National Bank; Ante Šušnjar, minister of the economy; Tomislav Ćorić, deputy prime minister and minister of finance of the Republic of Croatia; and Tonko Obuljen, president of the HAKOM Council.

“In times of crisis, citizens are not concerned with where one institution’s responsibility ends and another’s begins. They want to know whether they can make payments, access their money, use essential services, and receive reliable information. That is precisely why preserving public trust and ensuring close cooperation among regulators have become essential prerequisites for stability and confidence,” said HNB governor Ante Žigman.

In his opening address, deputy prime minister and minister of finance Tomislav Ćorić described the conference as a valuable opportunity for constructive dialogue and stronger cooperation among institutions that share responsibility for safeguarding citizens and supporting the economy.

“The risks we face today are no longer driven solely by economic developments. Alongside financial cycles and market disruptions, regulators must now respond to cyberattacks, geopolitical instability, the rapid advancement of artificial intelligence, and the increasing interconnectedness of financial, energy, and digital systems. It is encouraging that regulatory authorities are devoting greater attention to these emerging challenges and threats. At the same time, they must never lose sight of their fundamental mission: consistently ensuring legality, stability, transparency, and a level playing field for all market participants. In recent years, Croatia has made significant progress in strengthening its institutional resilience. Croatia’s membership of the euro area and the Schengen area, together with its OECD accession process, forms part of the same strategic framework, together with the country’s OECD accession process, form part of the same strategic framework in which regulators play an important role every day. Their work therefore not only strengthens public confidence at home but also sends a clear message to international partners about the rule of law and the predictability of Croatia’s regulatory environment. In this context, cooperation between institutions is just as important as the expertise of each individual regulator,” Ćorić said.

Minister of the economy Ante Šušnjar noted that Croatia’s economic development depends on 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 directly affect citizens, businesses, and industry. The same applies to consumer protection, because a well-regulated market ensures that citizens understand and can exercise their rights.”

Addressing technological change, minister Šušnjar emphasized that artificial intelligence, digital platforms, and cybersecurity are having a direct impact on the economy and require regulatory solutions that evolve alongside technological progress.

“It is essential for regulatory authorities to exchange knowledge and develop solutions that protect citizens, provide stable conditions for investment, and enhance the competitiveness of the Croatian economy.”

Tonko Obuljen, president of the HAKOM 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, technology advances more rapidly than procedures, and attackers increasingly rely on automation, artificial intelligence, and social engineering to bypass traditional defence mechanisms. Our objective cannot be to promise absolute security—that would not be realistic. Instead, we must 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 public,” Obuljen said, adding that a stable digital economy cannot exist without reliable communications networks.

The keynote presentation, titled “When Cyberattacks Become Weapons: Implications for Regulators,” was delivered by Anamarija Staničić, deputy chair of Hanfa’s management board. She discussed the growing level of global uncertainty and systemic risk, which is eroding the predictability of the regulatory environment and forcing regulators to operate not in stable conditions, but in a state of “permacrisis.” She noted that the financial sector has become a primary target for cyberattacks and that regulators face a dual responsibility: safeguarding market stability while strengthening their own operational resilience. Her presentation outlined Hanfa’s approach to cybersecurity, with particular emphasis on resilience-building, developing human capabilities, preventive measures, and cooperation with relevant stakeholders.

The panel discussion, “The Impact of Global Instability on the Work of Regulatory Authorities,” featured Josip Popovac, president of the AEM Council; Zdravko Vukić, head of AZOP; Mirta Kapural, president of the CCA Competition Council; Nikola Vištica, president of HERA’s management board; Tonko Obuljen, president of the HAKOM Council; and HNB governor Ante Žigman.

Panel participants exchanged views on the challenges regulators face amid heightened geopolitical, technological, and security risks. They emphasized the importance of interinstitutional cooperation, knowledge sharing, and coordinated action in strengthening the resilience of Croatia’s regulatory system.

The discussion also highlighted the need to view the resilience of communications infrastructure as a cross-sector issue. Electronic communications networks, internet connectivity, interconnection, data flows, and digital services constitute the critical infrastructure on which finance, energy, transport, healthcare, public administration, security services, and many other sectors essential to the functioning of society and the economy depend.

For this reason, regulatory responses to such risks must be coordinated. During an actual incident, users do not necessarily distinguish whether a disruption originates with a bank, an electronic communications operator, a cloud service provider, a software supplier, or a public authority. What matters to citizens and businesses is whether services remain available, whether they can communicate, make payments, and obtain reliable information. Achieving this requires clear protocols, regular exercises, timely information sharing, and close cooperation between regulators, network operators, financial institutions, public authorities, and European partners.

Mirta Kapural, president of the CCA Competition Council, concluded that in a period of global instability, regulators play a vital role in safeguarding legal certainty, public trust, and open competition. She stressed that effective competition and well-functioning markets enhance resilience, encourage innovation, promote supplier diversity, and ultimately provide an important foundation for the long-term security and resilience of the economy. She also underlined that the independence of regulatory authorities, a robust regulatory framework, and close cooperation with national and European institutions are essential prerequisites for responding effectively to today’s economic and geopolitical challenges.