Analyses focus on current issues of particular relevance to Danmarks Nationalbank’s objectives. The analyses may also contain Danmarks Nationalbank’s recommendations. They include our projections for the Danish economy and our assessment of financial stability. Analyses are targeted at people with a broad interest in economic and financial matters.
The threat landscape requires continuous efforts to strengthen cyber resilience
Financial transactions within the Danish financial infrastructure – amounting to over kr. 700 billion daily – must be protected against cyberattacks and other operational incidents. To assess the current level of resilience, Danmarks Nationalbank therefore conducted a survey. The responses indicate a high level of resilience but also that there is still room for further improvements in several areas.
Key messages
Why is this important?
Actors in the financial sector are responsible for operating the financial infrastructure that is critical to society. This infrastructure ensures, among other things, that financial transactions amounting on average to more than kr. 700 billion daily can be processed; that citizens can make payments in stores; and that companies can carry out salary disbursements.
The operation of critical financial infrastructure may be threatened by severe cyberattacks or other incidents that can cause disruptions and outages. In particularly critical situations, this may pose a threat to both the continued operations of individual financial institutions and overall financial stability. It is therefore essential that institutions continuously work to prevent both outages and attacks from malicious actors, and that they prepare to manage critical situations should they arise.
Main chart
More cyberattacks lead to major ICT-related incidents
Note:
The chart shows the share of European banks that have recorded cyberattacks resulting in major ICT-related incidents. The population covers 85 European banks. Danske Bank, Jyske Bank and Nykredit Realkredit are included in the population. A major ICT-related incident is an incident that has a major negative impact on the networks and information systems supporting critical or important functions of the financial company.
Source:
EBA, Risk Assessment Questionnaire.