Norway’s Financial Institutions Join Forces Against Cybercrime and Online Fraud
A Growing Concern: Sophisticated Cyberattacks and Online Fraud
A growing concern for financial institutions across Scandinavia is the increasing sophistication of cyberattacks and online fraud. To combat this threat, a network of banks and life insurance companies in Norway joined forces to form the Norwegian Financial Computer Emergency Response Team (CERT) in 2012.
The Birth of the Nordic Financial CERT
However, as cybercrime continued to evolve, national CERTs were no longer sufficient. To address this issue, financial institutions from Sweden, Denmark, and Finland decided to create the Nordic Financial CERT, building upon the success of Norway’s example. Capgemini was selected to lead the establishment of the new border-transcending CERT.
The Partners’ Journey
The partners began by working with Danish financial institutions to bring them on board. This required creating an association that could function in both countries while enabling institutions to coordinate effectively. As this was the first international Financial CERT, its structure and formation would be a new experiment, requiring proof of effectiveness before it could grow further.
- Capgemini managed the legal aspects of the association
- The entity was developed to meet legal requirements in both Norway and Denmark
- Member institutions could notify each other whenever they were attacked, enabling a coordinated response
Expansion and Growth
The Nordic Financial CERT has since expanded to include financial organizations from Denmark, Finland, Sweden, and Iceland. With every addition, the CERT has gained more resources, knowledge, and the ability to respond to new threats.
- All members now share portal access
- Cybersecurity wikis
- Incident management
- Follow-up processes
A New Model for Security Threats in Scandinavia
The Nordic Financial CERT has provided a new model for addressing security threats in Scandinavia, allowing financial institutions to rebuild customer trust and confidence. Going forward, these institutions will continue to work with Capgemini to make the CERT as capable as possible, ensuring high-quality cybersecurity throughout the region.
Conclusion
In conclusion, Norway’s financial institutions have joined forces against cybercrime and online fraud by forming a network of banks and life insurance companies. The creation of the Nordic Financial CERT has provided a new model for addressing security threats in Scandinavia, allowing financial institutions to rebuild customer trust and confidence.