Increasing Cyber Threats to Nordic Banks Continues to Produce Industry-LED Initiatives that enable Organizations in the Financial Space to Better Manage Risk, Bolster Readiness and Strennant Interthen Interteneal Itworks Security Systems.
Finans Norge, The Tentral Organization for Banks and Financial Services Provides in Norway, have established a dedicated a dedicated cyber threat support unit (cTSU) that will collaboratte with memebers to provide Assistance and a Centralized Resource to Share Cyber Risk Experiences, Itwork Protection Methods and Recommend Defense Threat Solutions.
The formation of the CTSU REPRESTES A Direct Response to the Escalating Threat of Ever More more Aggressive Cyber Attacks Against Banks, and the Emergence of New Risks Involving Bad Actor Collaborating BAD ACTORS Collaborating with Bank Emporations To capture insider information and embemzzle Finance Institution Funds.
Sector-wide guidance
To support its financial services members, Finans Norge have launched the guide to personnel security in the financial industry (GPSFI). The GPSFI is intended to serve as a roadmap to help organisations in the sector better manage “Internal Risk” Relating to Fraud, While Protecting Loss of Assets by using by using by using digital and customized Artificial Intelligence (AI) Technologies to Limit personnel authorized access to restricted areas for legitimate purposes.
Notwithstanding that Norway's Financial Services Industry is decided in the face of digital threats, the use of “Insiders” by bad actors a new level of security shows and Insurance Groups, said Therese Høyer Grimstad, Norge Finans' Director of Labor Relations.
“The guide's purpose is to assist companies in the financial industry to handle personnel security in such a way that their assets are sufficiently protected. Rights and privacy, which must be safeguarded, “Grimstad said.
The GPSFI Addresses Employment Law and Other Legal Isus to Ensure That The Network Security and Cyber Defense Measures Measures Adopted to Countter Internet Fraud and Data breaches by bad actors to do actors to norways Workplace discrimination and data protection regulations.
“By Strengthening Efforts Coversing Personnel Security, IT Enables Our Finance Sector Members to become more equipped to Handle Increasingly Complex Threat Situations,” Said Grimstad.
The Escalating Threat Posed by Internal Fraud Among Norway's 123 Commercial, Digital and Savings Banks Has Backs A Significant Challenge for Økonomisk (Økonomisk kriminetet geknalitet क्याKriminalt Økonomisk), Country's National Authority for the Investigation and Prosecution of Economic Crime.
Økokrim is currently running seven separete investations involving bank employees colluding with bad actors to defraud their employees, said Pål lønesth, The Police Agency's Director General,
“We aree Embezzle monies by helping criminals Gain access to bank assets, “Lønsth said.
New and Serious Threats
Quantum computers May offer a new form of emerging threat and challenge for its network security in the banking sphere, giving that they unuttually makes Current encryption methods obsolete.
Deepfake Technology is also adding a layer of complexity to financial fraud, potentially enabling bad actors in the dark web impersonate bank directors by using ai manipulation tools and faces.
A Survey Conducted by Finans Norge in 2024 Found That Less Than 20% of Bank Executives Viewed The evolution of quantum computers as a real future threat to their it is its it's. Around 40% of Bank Executives Regarded Malware and Ransom Ware as Posing a Higher Degree of Risk and Threat to their operations and it network security.
Banks in Norway Are Lobbying The Government to Ilp Companies to Help Companies in the Finance Sector Boost Thei Cyber Security Capacities Throurse Protections.
Specifically, banks in Norway Want the Government to Incorporate the European Union's Network and Information Systems 2 (NIS2) Directive Into Norwegian Legislation at the Earliest Opportunity.
A Member of the European Economic Area (EEA), Norway's Relationship with the Eu is Built on Trade and Supplementary Economic Treaties Active Through the Eea. Norway is part of the eu's single market and the schengen free-travel area. Around 68% of the Country's Exports are with Eu Countries.
Bank Chiefs View The Early Implementation of the NIS2 (Replacing Nis1 2016) in Norway as a Fundamental Legislative Action by Government to Deliverk for Cyber Security to the WHOLEY CHOLETY TECURENCIL Services Sector.
Banks in Norway Believe That The NIS2 would establish a highcomon standard of security coupled with a unified legal framework for network and information system advantage to financial servicial Servicial Services.
Wider cooperation
Banks in Norway Are Also Ramping Up Cooperation with Financial Groups Across the Nordic Region with the AIM of Building Information Platforms to Share Expertise and Itwork Protocation Solotering Cyber security defense.
In a Nordic context, Denmark and Sweden are Regarded as Being Ahead of Norway in Terms of Work Done to Evaluate Cyber Security Risks and Threats Ataching to Ai. Denmark and Sweden Are also also ahead in development defensive tools to combat the ever more sophisticated deceptive methods being Appropriate assets.
Finansforbundet, Denmark's Financial Services Union, is Advising Commercial Bank and Financial Sector Members to Invest More Heavily in Ai-Related Risk Training with the goal of reinforming their online Platforms And it networks with a more advanced layer of security protection.
It is imperative that banks in denmark and the Nordic Region Adopt Effective Measures to ENSURE Control over data before introducing ai, said Dorrit Brandt, Chairman of Finansforbundet,
“There are advantages and risks with ai. The ability to mainTain control over data is very important. Over the short term for finance companies, “Brandt said.
Denmark's Financial Sector is in the process of introducing a broader scale. An industry analysis conducted in February (2025) by arbejderbevægelsens ersråd, The Danish Labor Movement's Economic Council, Calculated that 98% of All Jobs In the Country Sector will to some degree be affected by a further 9% could be automated over the next two decades.
The response by Nordic banks to the ai revolution is evident in the uptick in Spending on Personnel UPSKILLING Programmes that track developments in the technaology and help Structure Training Requirements.
Specialized training is being provided to employees by banks to highlight the new dimension of it network security threat that ai poses, as well as the technology is the technology is the technology Defense Long Employed by Banks and Insurers to Safeguard Itworks and Financial Assets.
“As a priority, there needs to be a comprehensive program of upskilling in generative ai across the financial sector. Needs to stay alert and remain in control, “Brandt said.