## Norway: Financial Sector Assessment Program-Technical Note-Cybersecurity Risk Supervision and Oversight

_IMF Staff Country Reports, August 12, 2020_

## Source details

**Canonical URL:** [Norway: Financial Sector Assessment Program-Technical Note-Cybersecurity Risk Supervision and Oversight](https://www.imf.org/en/publications/cr/issues/2020/08/07/norway-financial-sector-assessment-program-technical-note-cybersecurity-risk-supervision-and-49673)

## Other formats

- [Markdown version](/en/publications/cr/issues/2020/08/07/norway-financial-sector-assessment-program-technical-note-cybersecurity-risk-supervision-and-49673/index.md)
- [Structured JSON version](/en/publications/cr/issues/2020/08/07/norway-financial-sector-assessment-program-technical-note-cybersecurity-risk-supervision-and-49673/index.json)
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## Bibliographic details
- Published: August 12, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513553146.002

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### 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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## Content in this bundle

- **Norway: Cybersecurity and Financial Stability**
  - [Norway: Cybersecurity and Financial Stability (Markdown version)](/-/media/files/publications/cr/2020/english/1norea2020004.pdf.md){rel="alternate" type="text/markdown"}
  - [Norway: Cybersecurity and Financial Stability (PDF)](/-/media/files/publications/cr/2020/english/1norea2020004.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2020/08/07/norway-financial-sector-assessment-program-technical-note-cybersecurity-risk-supervision-and-49673_