Nordic Banks Boost Cybersecurity Amid Insider, AI Threats

Norway’s financial sector is ramping up its cyber defense efforts in response to an increase in sophisticated threats targeting banks and financial institutions. Finans Norge, the central organization for the industry, has launched a Cyber Threat Support Unit (CTSU) to support banks with expert guidance, risk-sharing resources, and recommendations on defending against internal and external cyber threats.

The initiative comes as banks face not only external attacks but also growing risks from insiders collaborating with cybercriminals to defraud institutions. In response, Finans Norge has also introduced the Guide to Personnel Security in the Financial Industry (GPSFI), which outlines strategies to manage internal risks, enforce access controls, and apply AI tools to prevent fraud — all while respecting employee rights and data privacy.

The rise in internal fraud cases has become a key concern for Norway’s economic crime authority, Økokrim, which is currently investigating multiple cases of bank staff colluding with threat actors. Technologies like deepfakes and quantum computing are compounding the threat landscape, challenging traditional cybersecurity frameworks.

Meanwhile, banks are lobbying the Norwegian government to adopt the EU’s NIS2 directive to create a unified legal cybersecurity framework. Financial institutions are also increasing collaboration across the Nordic region to share best practices and bolster collective cyber resilience.

Countries like Denmark and Sweden are seen as leaders in assessing AI-related threats and developing advanced defensive tools. Denmark, in particular, is investing in upskilling and AI-risk training to prepare its financial sector for sweeping changes, including potential job automation.

As AI transforms the industry, Nordic banks are prioritizing employee training to ensure secure integration of the technology while maintaining control over sensitive data. The message is clear: cybersecurity, personnel awareness, and strategic AI deployment are now central to the future of financial services in the region.

Source: Computer Weekly

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