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Cybercrime in Finance Industry Plagues Estonia, But Country Remains a Leader in International Cybersecurity Norms

Estonia has made a bold digital innovation and become a global leader in cybersecurity, playing a prominent role in establishing international norms for behavior in cyberspace. Despite being a small state, Estonia’s experience with cyberattacks in 2007 and subsequent policy decisions have given it significant influence on the global stage.

Leadership in Cybersecurity Norms

The NATO Cooperative Cyber Defence Centre of Excellence (CCDCOE) was established in Tallinn in 2008, and Estonia has been at the center of global cybersecurity discussions ever since. The CCDCOE is a military think-tank that leads the world in crafting cyber defense solutions through multinational and interdisciplinary analysis of various cyber issues.

Global Efforts

Estonia is also deeply involved in global efforts focused on security in cyberspace, including:

  • The United Nations Group of Governmental Experts (UN GGE), which has met five times since 2004 to deliberate on developments in information and communications technology (ICT) in the context of international security.
  • Estonia has been selected to this group for its past four iterations.

Cybersecurity Expertise

Estonia is home to:

  • The e-Governance Academy, a non-profit think tank and consultancy that has worked with over 200 organizations and trained more than 5,500 officials in 130 countries on e-government, e-democracy, and cybersecurity solutions.
  • eu-LISA, the EU’s Agency for the Operational Management of Large-Scale IT Systems.

International Recognition

In October 2018, then-US Secretary of Defence James Mattis revealed that Estonia would join the US as one of just four other countries to offer NATO national cyber capabilities to help fight in cyberspace. In June 2019, Estonia was elected for the first time as a non-permanent member of the UN Security Council.

Experience with Cyberattacks

Estonia’s experience with cyberattacks in 2007 prompted policy decisions and steps forward since then. The country’s successful defense against those attacks, combined with its openness, has given it international legitimacy and credibility.

National Cyber Security Strategies

Estonia’s National Cyber Security Strategies have been studied closely by other states, informing NATO and other countries’ doctrine. The country’s focus on the global nature of threats in cyberspace and the need for international, multilateral action is reflected in its three-generation cyber security strategies.

International Influence

As a small state, Estonia is particularly reliant on international rules, which it sets and develops through its leadership role in cybersecurity norms. A stable, rules-based cyberspace is critical to Estonia’s digital society, which is among the most vulnerable to cyber threats.

Vulnerability to Cybercrime

Despite being a global leader in cybersecurity, Estonia remains vulnerable to cybercrime in the finance industry. However, its experience and international legitimacy have given it significant influence on the global stage, allowing it to punch above its weight.