As reported by the Financial Times, cybersecurity has eclipsed tumultuous financial markets as the biggest concern for the world’s largest sovereign wealth fund, as it faces an average of three “serious” cyber attacks each day. The number of significant hacking attempts against Norway’s $1.2tn oil fund, Norges Bank Investment Management, has doubled in the past two to three years, according to its chief executive Nicolai Tangen.
The fund, which reported its biggest half-year dollar loss last week after inflation and recession fears shook markets, suffers about 100,000 cyber attacks a year, of which it classifies more than 1,000 as serious, according to its top executives.
Cyberattacks continue to strive ahead as the biggest threat to businesses and the financial industry must do all it can do protect itself being the most prevalent victim. Sophisticated attackers will continue to target the industry due to the enormous wins it can potentially grasp. Perpetrators from hostile states are increasing in volume and expertise, therefore protectors need to up their game to equal the standard to stay in line with the inevitable continuing attempts.