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

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

Volume/Issue: Volume 2020 Issue 262

Publication date: August 2020

ISBN: 9781513553146

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Topics covered in this book

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Banks and Banking , Finance , Investments and Securities-General , Public Finance , ISCR , CR , cybersecurity incident , cybersecurity risk , incident report , NSM cybersecurity principle , FSA plan , incident information , information sharing , risk management , cybersecurity risk supervision , oversight function , Cyber risk , Financial sector , Financial stability assessment , PFM information systems , Securities , Global

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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. Norway is increasingly a cashless society, with surveys and data collection suggesting that only 10 percent of point-of-sale and person-to-person transactions in 2019 were made using cash.1 Most payments made in Norway are digital (e.g., 475 card transactions per capita per annum)2 and there is an increase in new market entrants providing a broad range of services. Thus, good cybersecurity is a prerequisite for financial stability in Norway.