The Danish Financial Supervisory Authority (FSA) has published a new strategy for the financial sector’s cyber and information security for 2022-2025.

It noted that the Centre for Cyber Security had warned that the level of threats to the financial sector was very high and that, for several years, the biggest risks were IT-related risks and threats to cyber security.

The new ‘Strategy for the financial sector’s cyber and information security’ builds on the work of the 2019-2021 strategy.

It will focus on understanding, by securing a knowledge base that supports the protection of critical IT infrastructure, defence, by developing the ability to defend IT infrastructure and maintain operations in crisis situations, and connection, through cooperation between companies and authorities across the other areas of action in the strategy.

"The strategy focuses on promoting the robustness of the financial sector's IT systems,” said FSA deputy director, Karen Dortea Abelskov.

“This applies to both the individual companies' systems, and the cooperation across the sector and public authorities.”

Denmark’s Forsikring & Pension (F&P) welcomed the new strategy and said it looked forward to contributing to realising its objectives.

“In order to maintain the robustness of the financial sector, the socially critical IT infrastructure must be accessible, trustworthy and stable, so that companies and citizens can have justified trust in the financial system,” said F&P head of talisation policy, Sigrid Floor Toft.

“F&P supports this [collaborative] approach, and we look forward to helping to realise the strategy's objectives.

“Active cooperation internally in the financial sector as well as with actors in other socially important sectors is a prerequisite for achieving the goal of robust protection of the financial sector's socially important functions.”

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