The Riksbank may be the world’s oldest central bank, but it is still recognising the evolving threats it has to deal with.
For instance, the Swedish central bank is currently gearing up to test its cyber resilience against the TIBER-EU, the EU’s framework for how authorities, entities and threat intelligence operations should work together to test their digital defences by carrying out a controlled cyberattack.
The aim of the attack is to identify any potential shortcomings in its cybersecurity.
The Riksbank revealed it would carry out the test on Friday December 13, Reuters reported.
But you do not have to work at a central bank founded in 1668 to recognise the inherent threat of weak cybersecurity.
In fact, the threat level has grown so much over the past few years – with highly publicised hack attacks like the one affecting 106 million of Capital One’s customers earlier this year – that the market is expected to explode over the next few years.
New research suggests that the market for cybersecurity in financial services is estimated to grow at a compound annual growth rate of 9.5% by 2027.
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