Norway: Financial Sector Assessment Program-Technical Note-Cybersecurity Risk Supervision and Oversight
IMF Staff Country Reports, August 12, 2020
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- Norway: Financial Sector Assessment Program-Technical Note-Cybersecurity Risk Supervision and Oversight
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Bibliographic details
- Published: August 12, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513553146.002
Overview
- The Norwegian financial system has a long history of incorporating new technology and is at the forefront of digitization.
- Tight interdependencies within Norway's financial system make it particularly vulnerable to evolving cyber threats.
- Good cybersecurity is a prerequisite for financial stability in Norway.
Cyber risk drivers and market characteristics
- High digital usage in payments:
- "only 10 percent of point-of-sale and person-to-person transactions in 2019 were made using cash."
- "475 card transactions per capita per annum"
- Increasing number of new market entrants providing a broad range of services, expanding the attack surface and ecosystem complexity.
- Norway is increasingly a cashless society, amplifying reliance on digital payment infrastructure.
Implications for supervision and oversight
- The combination of advanced digitization, pervasive digital payment use, and tight system interdependencies implies elevated systemic cyber risk.
- Effective cybersecurity oversight is essential to safeguard financial stability given Norway's market structure and payment behavior.
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- Norway: Cybersecurity and Financial Stability