Distributed denial-of-service attacks can affect access to financial services
News, Economic Commentaries In recent years, distributed denial-of-service (DDoS) attacks have become both more numerous and more complex. Sweden has experienced several serious attacks that have targeted essential digital infrastructure. Gabriella Ström of the Riksbank's Financial Stability Department writes in an Economic Commentary that measures are needed to counteract the possibility of a DDoS attack and minimise its effects. Such measures include effective cooperation between the private and public sectors.
The financial sector is largely digitalised and tightly interconnected, both financially and digitally. Therefore, accessibility, trust and confidence are key components for the sector to function. Recurrent disruptions can give the impression that the system is unstable, which in turn can lead to a loss of confidence.
In autumn 2024 and spring 2025, several Swedish banks and financial infrastructure operators were targeted by a number of serious DDoS attacks. The attacks caused disruptions to the services of several of the affected organisations, such as the inability to access banking services via mobile apps or to make Swish payments. The wave of these DDoS attacks fuelled a heightened awareness and a sharpened approach to the attacks.
To limit the impact of serious disruptions in the financial sector, businesses and authorities need to work together effectively. Therefore, the Riksbank has been proposed to lead a new crisis management function, in cooperation with Finansinspektionen (the Swedish Financial Supervisory Authority), the Swedish National Debt Office and some financial sector companies. Its task is to coordinate the response to serious operational disturbances in the financial sector. A joint crisis management function with clear responsibilities is expected to improve cooperation in the event of serious disruptions.
Author: Gabriella Ström, who works in the Financial Stability Division, Infrastructure and Cyber Division.
Economic Commentaries
Economic Commentaries are brief analyses of issues with relevance for the Riksbank. They may be written by individual members of the Executive Board or by employees of the Riksbank. Staff commentaries are approved by the relevant head of department, while Executive Board members are themselves responsible for the content of the commentaries they write.