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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 3 weeks ago by [email protected] to c/technology

156 comments fedilink hide all child comments

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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[–] brewery 5 points 3 weeks ago (1 children)

We have much tougher GDPR laws so I am more worried about American companies stealing my data than any based in the EU. I use different passmails for every account hoping to find a company breaching GDPR but (luckily?) unluckily, no hits so far.

Every company I have worked for, including a major bank, takes GDPR extremely seriously. So much so I often thought they went to far but understand their caution.

[–] [email protected] 4 points 3 weeks ago

I think that's great, but that's now. You lose cash and have some bad luck with your politicians like we have had in the states, and those laws can change in an instant and good luck getting cash back once it's gone.