Contingency arrangements in the payment system need to be strengthened
The financial infrastructure in Norway is secure and efficient. At the same time, the payment system is in need of further enhancement and contingency arrangements need to be strengthened, so that the public can also continue to pay securely and efficiently in NOK in the future.
Today, Norges Bank is publishing Financial Infrastructure Report 2023 and Norges Bank Papers 1/2023, “Retail payment services 2022”.
“Risks have intensified and the threat landscape has expanded. Maintaining a secure payment system requires the efforts of individual entities and effective public-private cooperation. Cyber incidents can quickly spread across sectors, and contingency work in the various sectors must therefore be viewed in a broader context”, says Deputy Governor Pål Longva.
Norges Bank and Finanstilsynet (Financial Supervisory Authority of Norway) have introduced a framework for testing the cyber resilience of the banking and payment systems. Testing, which simulates real attacks, is now under way. The purpose is to strengthen the cyber resilience of financial sector entities and thus promote financial stability.
The evolving payment landscape is marked by new technology, new payment methods and new payment providers.
“We will face important choices when designing the payment system. Over the coming years, Norges Bank will study and decide on the future design of Norges Bank’s settlement system. At the same time, we are stepping up our work on a central bank digital currency”, says Deputy Governor Pål Longva.
There is ongoing work world-wide to develop and establish regulation for crypto-asset markets, but it is uncertain how long this will take.
“The Norwegian authorities should assess whether to proceed more quickly rather than wait for international regulatory solutions. Norges Bank can contribute to such assessments and to regulation that promotes responsible innovation”, says Deputy Governor Pål Longva.
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