DNB boss fears hacking could trigger next financial crisis

Rune BjerkeCEO Rune Bjerke DNB.Photo: Heiko Junge / NTB scanpix

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DNB chief, Rune Bjerke, said that it’s hard to predict what will trigger the next financial crisis, but he suspects it may be hacker attacks.

 

“We have received some examples of events showing that technology and manipulation of technology can be very scary.

Among other things, we’ve seen that someone managed to hack into central bank funds in Bangladesh, and managed to influence a US election’’ said Bjerke to Dagens Næringsliv newspaper (DN).

The bank manager believes this shows how vulnerable the financial system may be to manipulation, but he said it is difficult to say how such a situation should be handled.

“But I think it is very important and good to see that central banks in several countries, including in Norway, are investigating the possibilities of developing digital reserve currencies’’.

In a situation where financial infrastructure is hit by a crisis or a transaction system is hacked, a digital reserve currency can help keep the financial system and capital flows going on wrote DN.

Information Director, Tom Staavi, of Finance Norway,is also concerned about this scenario. He said the finance industry is constantly working to ensure that there is good defense in every aspect.

 

© NTB scanpix / #Norway Today

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