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Norway’s Financial Sector Fights Cyber Threats: A Look at MoF and its Partners

OSLO, NORWAY - As the global financial landscape continues to evolve, Norway’s Ministry of Finance (MoF) is working closely with other government agencies and financial institutions to combat cyber threats. In this article, we’ll take a closer look at the role of MoF in overseeing the country’s financial sector, as well as its partnerships with key players like the Norwegian National Security Authority (NSM), NorCERT, and Norges Bank.

MoF’s Role

As the prudential and conduct supervisors of financial institutions (FIs), MoF plays a crucial role in ensuring the stability of Norway’s financial system. The ministry is responsible for implementing the Financial Services Act in the financial sector, and works closely with other government agencies to identify and mitigate potential risks.

Cybersecurity Incidents

In 2018, FIs and FMIs reported 189 IT-related incidents to the Financial Supervisory Authority (FSA), with five of those incidents classified as security breaches. While none of these incidents were considered critical, MoF recognizes the importance of cybersecurity in maintaining financial stability. As such, the ministry has established a cross-sectoral framework for managing ICT security incidents and is working to implement new regulations under the Norwegian Security Act 2018.

Key Partnerships

MoF works closely with NSM, NorCERT, and Norges Bank to identify and respond to cyber threats. NSM is responsible for improving cybersecurity across Norway and operating NorCERT, a national CERT that provides incident response services to FIs and FMIs. Norges Bank, as the financial stability overseer of FMIs, must report material cybersecurity incidents to MoF.

Risk Assessments

The FSA prepares an annual risk and vulnerability analysis (RAV) of the financial sector’s use of IT, which includes findings on cyber threats and lessons learned from supervisory activities. Norges Bank also publishes reports on cyber risk developments, including its 2019 annual report on financial infrastructure and a special feature in its 2018 Financial Stability Report.

Financial Sector Mapping

MoF has created a draft financial sector mapping to identify critical financial infrastructures and information systems. The mapping is based on the new Norwegian Security Act and aims to identify which financial infrastructures, information systems, and assets fall under the National Security Act’s purview.

Conclusion

In conclusion, MoF plays a vital role in overseeing Norway’s financial sector and ensuring its stability in an increasingly complex cyber threat landscape. Through partnerships with key agencies like NSM, NorCERT, and Norges Bank, as well as regular risk assessments and reporting, MoF is working to protect the country’s financial system from cyber threats.