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Sweden, Norway rethink plans for cashless societies over fears that fully digital payment systems would leave them vulnerable to Russian security threats (www.theguardian.com)

submitted 4 weeks ago by 0x815@feddit.org to c/technology@lemmy.world

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cross-posted from: https://feddit.org/post/4262252

A combination of good high-speed internet coverage, high digital literacy rates, large rural populations and fast-growing fintech industries had put the Nordic neighbours on a fast track to a future without cash.

[...]

But Russia’s invasion of Ukraine in 2022 and a subsequent rise in cross-border hybrid warfare and cyber-attacks blamed on pro-Russia groups have prompted a rethink.

[...]

The Swedish government has since completely overhauled its defence and preparedness strategy, joining Nato, starting a new form of national service and reactivating its psychological defence agency to combat disinformation from Russia and other adversaries. Norway has tightened controls on its previously porous border with Russia.

[...]

[Norway's] justice and public security ministry said it “recommends everyone keep some cash on hand due to the vulnerabilities of digital payment solutions to cyber-attacks”. It said the government took preparedness seriously “given the increasing global instability with war, digital threats, and climate change. As a result, they’ve ensured that the right to pay with cash is strengthened”.

[...]

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[–] T156@lemmy.world 5 points 3 weeks ago

Here's an article about them turning it off because of being unable to verify the bill: https://edition.cnn.com/2021/05/12/politics/colonial-pipeline-ransomware-payment/index.html

And here's two attributing the issue, at least in part, to panic buying: https://www.aljazeera.com/economy/2021/5/11/petrol-shortages-sweep-us-as-colonial-pipeline-remains-down

https://www.bloomberg.com/news/articles/2021-05-09/u-s-fuel-sellers-scramble-for-alternatives-to-hacked-pipeline?embedded-checkout=true