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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 7 points 4 weeks ago* (last edited 4 weeks ago)

The risk of the payment system getting shut down and people being unable to make payments for a while is real. And it is one good reason to be less reliant on digital payments.

Or entities. The USA had a brief oil crisis recently because one of the major pipeline companies had their billing system hacked. Since the company couldn't verify whether someone had paid, they just didn't supply any oil.

Couple that with some misleading news stories and social media panic, and it blew up into a proper shortage from people hoarding all the petrol, and leaving none left.

[-] pinkystew@reddthat.com 3 points 4 weeks ago

Do you have any more info about this?

[-] T156@lemmy.world 5 points 4 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

this post was submitted on 30 Oct 2024

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