Swedish Banks and State Unite to Strengthen Cybersecurity Resilience
Sweden’s central bank, Riksbank, together with national security organisations and the financial sector, has launched a strategic initiative to deepen cooperation between state-operated cyber defence centres and the IT security teams of banks, insurers, and other financial players.
The goal is clear — to reinforce public trust in Sweden’s digital infrastructure and ensure the resilience of the nation’s financial systems against growing cyber threats.
Rising Threats Spur Unified Action
The move comes after a wave of sustained DDoS attacks in May 2025 that disrupted both public and private networks across Sweden. The attacks, attributed to “foreign actors”, highlighted vulnerabilities within one of the world’s most connected societies, where 95% of households have internet access.
In response, Prime Minister Ulf Kristersson pledged new funding and joint public–private initiatives to protect Sweden’s digital backbone amid increasing geopolitical tension.
“We are facing more sophisticated cyberattacks — not only against government systems but also targeting banks and ID platforms,” Kristersson said. “Since joining NATO in 2024, Sweden faces a new and more dangerous cyber reality.”
Building a Culture of Cyber Preparedness
The Riksbank is taking a proactive stance by organizing the Online Cybersecurity Challenge Summit (OCCS) on 23 October 2025 — an interactive competition encouraging financial institutions to test and improve their cyber-defense capabilities.
Participants, including banks, insurers, and regulators, will engage in Capture the Flag–style challenges, alternating between the roles of attackers and defenders to simulate real-world cyber incidents.
According to Johan Torgeby, CEO of SEB and chairman of Finance Sweden, the urgency for stronger partnerships is undeniable.
“The finance industry must invest exponentially in cybersecurity. We need optimal solutions to protect ourselves — both as institutions and as a nation,” he stated.
Strategic Framework for Resilience
Finance Sweden’s 2025 Threat Assessment Report underscores the need for long-term collaboration with security agencies such as:
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National Cyber Security Center (NCSC)
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CERT-SE, Sweden’s computer security incident response team
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National Defence Radio Establishment (NDRE)
The Riksbank’s ongoing study — “A New Function for Crisis Management in the Event of Serious Operational Disruptions” — serves as a blueprint for defining roles, protocols, and response mechanisms to handle cyber crises swiftly and jointly.
CERT-SE has already intensified its advisory role, offering low-cost solutions to small enterprises vulnerable to data leaks, malware, and man-in-the-middle attacks — often caused by weak VPNs or outdated software.
Toward a Stronger Legal and Strategic Front
Industry leaders are also urging the government to update Sweden’s criminal code to include “data interference” as a distinct cybercrime. Current laws treat DDoS attacks under hacking provisions — a gap that limits prosecution when systems are attacked but not breached.
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