Sweden: Financial Sector Assessment Program–Technical Note on Cybersecurity Risk Supervision and Oversight

International Monetary Fund

No 2023/135, IMF Staff Country Reports from International Monetary Fund

Abstract: This technical assistance report discusses Cybersecurity Risk Supervision and Oversight in Sweden. Sweden’s financial sector is highly digitized and interconnected, and the related technological developments heighten cyber threats and vulnerabilities. Sweden is well-served with agencies engaged with cybersecurity, but the roles and responsibilities of each in respect to the cyber security of the financial sector should be clarified and barriers to sharing information resolved. It is important that the financial sector engages with and helps to shape the activities of the National Cyber Security Centre. Cyber incident reporting frameworks are in place, as are some, limited, information sharing for a, but there is still an appetite from financial institutions to receive more information on threats and incidents. Contingency plans and crisis protocols should be established for large-scale cyber-attacks affecting the Swedish financial sector. The Swedish authorities are advised to identify and address the barriers to information sharing between government agencies, the financial authorities, and the private sector.

Keywords: NIST cyber security framework; supervisory authority; crisis management exercise; Finansinspektionen organization chart; telecom authority; Cyber risk; Financial sector; Securities; Operational risk; Financial Sector Assessment Program; Baltics (search for similar items in EconPapers)
Pages: 28
Date: 2023-04-05
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