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

August 12, 2020

Preview Citation

Format: Chicago

Norway: Financial Sector Assessment Program-Technical Note-Cybersecurity Risk Supervision and Oversight, (USA: International Monetary Fund, 2020) accessed December 21, 2024

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.

Subject: Banking, Cyber risk, Economic sectors, Financial institutions, Financial sector, Financial sector policy and analysis, Financial stability assessment, PFM information systems, Public financial management (PFM), Securities, Technology

Keywords: CR, Cyber risk, Cybersecurity incident, Cybersecurity risk, Cybersecurity risk supervision, Financial sector, Financial stability assessment, FSA plan, Global, Incident information, Incident report, Information sharing, ISCR, NSM cybersecurity principle, Oversight function, PFM information systems, Risk management, Securities

Publication Details

Pages:

30
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/262
Stock No:

1NOREA2020004
ISBN:

9781513553146
ISSN:

1934-7685

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