Swedish Banks Face Rising Cybersecurity Threats Amid Redrawn Threat Landscape

Stockholm, Sweden - 2024 Threat Environment

The Swedish banking sector is facing a heightened threat environment in 2024, with cybersecurity experts warning of increased risks from criminal and state-sponsored actors. The invasion of Ukraine by Russia in February 2022 has redrawn the threat landscape, forcing banks to focus on civil defense and contingency planning.

No Bank Robberies or Cash-in-Transit Attacks in 2023

According to an annual industry-wide threat assessment conducted by Sweden’s banking security organizations, there were no bank robberies or cash-in-transit attacks in 2023. However, five attacks were reported on Bankomat AB’s ATMs.

Growing Threat of Insider Threats

The assessment highlights the growing threat of insider threats, where employees with access to sensitive information can be coerced or manipulated into facilitating illegal activities. Foreign states have also been known to employ networks of insiders to gather intelligence, disrupt the economy, and influence political decisions.

Increased Ransomware Attacks and Denial-of-Service (DoS) Attacks

The field of cybersecurity has seen a significant increase in ransomware attacks, particularly following Russia’s invasion of Ukraine. Denial-of-service attacks against banks have continued, although with limited impact.

Critical Infrastructure Threats

The threat to critical infrastructure has also been highlighted by recent sabotage incidents involving gas pipelines and telecommunications cables.

Fraud Remains a Major Concern

Fraud remains a major concern, with almost half of all fraud offenses linked to organized crime and gang activity. Consumers and businesses are becoming increasingly vulnerable to fraudulent schemes, including:

Vishing: fake phone calls or texts
Smishing: fake SMS messages
Investment fraud
Romance fraud
Credit fraud

Social manipulation has made it easier for criminals to target individuals, making it more difficult for banks to protect their customers.

Money Laundering Remains a Persistent Threat

Money laundering remains a persistent threat, with many cases linked to fraud, drug trafficking, and tax crimes. Companies are increasingly being used as tools for financial crime, with straw men being used to hide the real operators. The rise of cryptocurrencies has also introduced new risks, particularly in relation to terrorist financing.

International Sanctions: A Growing Concern

As geopolitical tensions continue to escalate, international sanctions have become a key means of exerting pressure on foreign policy. However, the complexity and scope of these sanctions have made it increasingly difficult for operators to understand and apply them effectively.

The Swedish banking sector is urging greater cooperation and information-sharing between government agencies, law enforcement, and the private sector to combat these growing threats. The industry is also emphasizing the importance of a safe working environment for bank staff, recognizing that employee safety is not just an individual responsibility but also a broader societal commitment.