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Monday, May 20, 2024

Banks set up ‘digital defense center’

Nordic banks have agreed to mount a common front against cyber attacks, in the form of what they’re calling a “digital defense center” based in Oslo. The effort will build on the Norwegian finance industry’s competence center, Finans-CERT.

It was established by the banking and insurance companies’ trade association Finans Norge in 2012 to help defend the industry against digital attacks by hackers and other criminals. News bureau NTB reported that finance institutions in Sweden, Denmark and Finland are now lending resources and competence as well to convert Finans-CERT into Nordic Financial CERT. The headquarters will be in Oslo, where Finans-CERT already was based.

The goal, according to Finans Norge, is to identify and fend off attacks directed at Nordic banks and customers. The coopertion aims at creating a security net of sorts for all financial institutions, large and small.

“Those we’re fighting against cooperate themselves, have large resources, use all available tools and the threat situation changes quickly,” said Morten Tandle, who will become chief executive of the new Nordic Financial CERT. Now the banks are teaming up on the premise “we stand stronger together,” said Finans Norge’s chief executive Idar Kreutzer.

“If one of us is attacked and knocked out, it will erode confidence in the others,” Kreutzer said. “We’re stronger as a group than on our own.” staff



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