{
  "title": "Norway: Financial Sector Assessment Program-Technical Note-Cybersecurity Risk Supervision and Oversight",
  "publication": "IMF Staff Country Reports, August 12, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/08/07/norway-financial-sector-assessment-program-technical-note-cybersecurity-risk-supervision-and-49673",
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  "summary": "The Norwegian financial system has a long history of incorporating new technology. Norway is at the forefront of digitization and has tight interdependencies within its financial system, making it particularly vulnerable to evolving cyber threats.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- The Norwegian financial system has a long history of incorporating new technology and is at the forefront of digitization.\n- Tight interdependencies within Norway's financial system make it particularly vulnerable to evolving cyber threats.\n- Good cybersecurity is a prerequisite for financial stability in Norway."
    },
    {
      "heading": "Cyber risk drivers and market characteristics",
      "content": "- High digital usage in payments:\n  - \"only 10 percent of point-of-sale and person-to-person transactions in 2019 were made using cash.\"\n  - \"475 card transactions per capita per annum\"\n- Increasing number of new market entrants providing a broad range of services, expanding the attack surface and ecosystem complexity.\n- Norway is increasingly a cashless society, amplifying reliance on digital payment infrastructure."
    },
    {
      "heading": "Implications for supervision and oversight",
      "content": "- The combination of advanced digitization, pervasive digital payment use, and tight system interdependencies implies elevated systemic cyber risk.\n- Effective cybersecurity oversight is essential to safeguard financial stability given Norway's market structure and payment behavior.\n\n---\n\n Content in this bundle\n\n- Norway: Cybersecurity and Financial Stability\n  - Norway: Cybersecurity and Financial Stability (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Norway: Cybersecurity and Financial Stability (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 12, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513553146.002",
    "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.",
    "High digital usage in payments:",
    "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.",
    "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.",
    "**Norway: Cybersecurity and Financial Stability**"
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