Cybercrime on the Rise: Finnish Financial Institutions Brace for Digital Threats

Finland, known for its advanced digital landscape and robust economy, has become a prime target for cybercriminals. In recent years, as the country’s digital economy continues to grow, financial institutions have become increasingly vulnerable to cyber-attacks.

Increase in Cybercrimes against Financial Services

According to the latest report from the Finnish National Bureau of Investigation (KRP), cybercrimes targeting financial services increased by 30% in 2023¹. These attacks resulted in significant financial losses and reputational damage for affected institutions.

The increase in cybercrime can be attributed to the ever-evolving tactics and tools employed by attackers. This makes it a constant challenge for security professionals to stay ahead².

Guidelines for Improving Cybersecurity in Financial Institutions

In response to the growing threat of cybercrime, Finland’s Finanzasavingspitki (FAP), the financial sector supervisor, has published guidelines for financial institutions. These guidelines focus on measures to prevent, detect, and respond to cyber-attacks³.. The guidelines are mandatory, and financial institutions are required to:

1. Establish a cybersecurity function
2. Implement regular risk assessments

“It is crucial that financial institutions have a solid understanding of the various cybersecurity risks they face and take proactive measures to mitigate those risks,” said Risto Kantola, Director of IT and Cybersecurity at FAP³. Implementing effective security policies and procedures is key to protecting sensitive customer information and maintaining trust in the sector³.

Investing in Advanced Security Solutions

Many Finnish financial institutions are investing in advanced security solutions and technologies to strengthen their defenses. Some of these solutions include⁴:

1. Multi-factor authentication
2. Artificial intelligence
3. Machine learning systems

These initiatives not only help prevent cyber-attacks but also improve customer trust and confidence in the sector⁴.

Collaboration to Improve Cyber Threat Intelligence

One leading Finnish bank, Nordea, has implemented a European-wide cooperation platform called the Cyber Threat Intel Platform (CTIP) to share threat intelligence in real-time with other banks and financial institutions⁵. This platform allows Nordea to stay informed of potential threats and strengthen its defenses⁵.

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## Conclusion

Cybercrime remains a significant threat to Finnish financial institutions. With the increasing reliance on digital platforms and expanding cybercrime tactics, it is essential for institutions to continuously adapt and invest in robust security measures[^6^]. By staying informed and implementing proactive security strategies, financial institutions can protect sensitive customer information, maintain trust, and ultimately, thrive in this digital landscape[^6^].

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[^6^]: Security Boulevard, 2023