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Financial services within total defence
The financial sector depends on technological infrastructure, where cyberattacks are the main threat to the sector. Companies and authorities are carrying out ambitious exercises and at the same time protective measures are taken.
IT services provide opportunities and vulnerabilities
Financial operations can be streamlined through IT services, which opens the door on new opportunities. At the same time, new vulnerabilities become clear. The financial sector is a good example of this: today we can carry out banking around the clock. But a cryptovirus attack in the summer of 2021 shut down hundreds of grocery stores throughout the country because the payment system was interrupted.
Digital crimes are increasing
As a result of reduced cash usage, bank and cash-in-transit robberies have declined. Instead, the number of digital crimes has increased. Even unintentional IT outages can have major consequences. However, security-enhancing measures can have an effect against both attacks and unintentional disruptions.
Cybersecurity is complex
It is difficult to achieve a high level of cybersecurity. No protections are perfect. Technical solutions must be supplemented with insights from psychology, economics and law – just to mention a few.
Resilience requires cooperation
Increasing resilience requires cooperation between many players. RISE is one of these. Our expertise is enquired by, for example, the Swedish Financial Supervisory Authority. The authority receives support from RISE in its work with cyber security.
What RISE can do within financial services
• We can put numbers on the consequences of cyber incidents
• Identify cross-dependencies and cyber risks in the value chain outside your organization
• Identification of needs and analysis of cyber insurance solutions
Further reading:
Franke, U.(2022) "Time for cyber security economy" (Swedish) Article. Ekonomisk Debatt, no 2, volume 50.
Varga, S., Brynielsson, J. & Franke, U.( juni 2021) "Cyber-threat perception and risk management in the Swedish financial sector". Article. Computers & Security. Volume 105.
Franke, U. (2020) "Cyber security for a connected economy" (Swedish) Report. Entreprenörskapsforum.
More information
Time for cyber security economy - Article in Ekonomisk debatt (pdf, 90.39 KB)
Cyber security for a connected economy - Report (pdf, 2.43 MB)