Finland’s Financial Institutions Brace Against Surge in Cybercrimes Amid Pandemic

Finland, known for its advanced digital infrastructure and robust economy, has seen a significant increase in cyber-attacks against its financial institutions in recent times ¹. This trend emerged as the world navigates the ongoing COVID-19 crisis and criminal elements seized the opportunity to exploit vulnerabilities in remote work structures and digital systems.

Increase in Cybersecurity Threats

The Finnish National Bureau of Investigation’s (FNBI) Cyber and Economic Espionage Unit reported approximately 12,000 information security violations and threat notifications in 2020¹. A majority of these incidents targeted the financial sector, which holds a critical position in the country’s economy.

Factors Driving the Attacks

• Remote Work Shift: With the sudden transition to remote work, companies had to adjust their IT systems and cybersecurity measures to accommodate employees working from home. This created a larger attack surface for cybercriminals, allowing them to exploit vulnerabilities in employees’ home networks.

• 5G Implementation: Finland has been among the global frontrunners in implementing 5G technology. While this brings numerous benefits, it also creates heightened risks of cyberattacks due to the technology’s complex network infrastructure.

• Data Breaches: The infamous data breach at psychology center Vastaamo in late 2018 exposed sensitive patient data for over 40,000 individuals and cost the center around EUR 13 million¹. This incident highlighted the potential consequences of weak cybersecurity measures and prompted renewed efforts to bolster defenses.

Cybersecurity Challenges for Finnish Financial Institutions

Remote Work Vulnerabilities

A substantial number of Finnish employees transitioned to working from home during the pandemic. This sudden change forced companies to adjust their IT systems and cybersecurity measures. The larger attack surface created by remote work provided cybercriminals with new opportunities to exploit vulnerabilities.

5G Era Challenges

Finland has been among the global leaders in implementing 5G technology. With this extensive rollout, there’s a heightened risk of cyberattacks, as the technology’s complex network infrastructure can make it more difficult to identify and mitigate threats. Finnish authorities have urged businesses and individuals to remain vigilant and follow best practices for securing their devices and networks against potential cyber threats.

Malware Attacks on the Rise

Malware attacks have emerged as a significant concern for Finnish financial institutions. These attacks, involving the spreading of malicious software, can cause extensive damage and data loss, with costs typically running into the millions¹.

Response and Best Practices

In response to the escalating threat landscape, the Bank of Finland recently published guidelines for financial institutions on cybersecurity best practices. The guidelines stress the importance of implementing robust security measures against cyber-attacks¹.

Financial organizations must remain steadfast in their commitment to cybersecurity best practices and adapt to the ever-evolving threat landscape to protect their critical digital infrastructure.