Norwegian Financial Institutions Form Nordic Cybersecurity Alliance with Capgemini

Financial institutions in Scandinavia are dealing with an increase in sophisticated cyberattacks and online fraud, necessitating a more effective and responsive approach to security. In response, a group of Norwegian banks and life insurance companies joined forces with Capgemini to establish the Norwegian Financial Computer Emergency Response Team (CERT) in 2012.

Sharing Resources and Knowledge to Combat Cyber Threats

This collaborative effort, which falls under the umbrella of Finance Norway, allows for the sharing of resources and knowledge to combat cyber threats more efficiently. However, national borders pose no limitations for cybercriminals, and the attacks have escalated, targeting multiple financial institutions simultaneously.

Cross-Border Cybersecurity Alliance

In response, Sweden, Denmark, and Finland united under the Nordic Financial CERT banner, inspired by the Norwegian model, to pool resources and defend against cyber threats across their borders. Capgemini was appointed to spearhead the creation of this cross-border alliance.

The Legal Aspects of the Association

The Nordic Financial CERT’s origins in Denmark necessitated the establishment of a new association capable of functioning in multiple countries. Capgemini led the legal aspects of the association, ensuring compliance with Norwegian and Danish regulations, to facilitate a cohesive response among the financial institutions involved.

Coordinated Response to Cyberattacks

Each time a partner suffers a cyberattack, all members are informed, allowing for a coordinated response. The victimized institution may choose to handle the situation internally or enlist assistance from all members. This flexibility enables the CERT to respond effectively to each unique threat.

Expansion and Growth

The success of the initial Nordic Financial CERT has paved the way for expansion. Plans include incorporating the rest of Denmark and eventually inviting financial institutions from Sweden, Finland, and Iceland. As the CERT grows, its resources, knowledge, and response capabilities also expand.

Access to a Shared Portal, Cybersecurity Wikis, and More

All members have access to a shared portal, cybersecurity wikis, incident management tools, and follow-up processes.

Rebuilding Customer Trust

By leveraging the Nordic Financial CERT, Scandinavian financial institutions have gained a robust defense strategy against evolving cyber threats. With a more responsive approach and the collective knowledge-sharing among members, customer trust that had previously wavered in the wake of attacks is now being rebuilt.

Partnering with Capgemini

The Nordic Financial CERT, in partnership with Capgemini, remains committed to staying one step ahead of cybercriminals, safeguarding the interests of financial customers across the region.