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Abstract

Developing and implementing cybersecurity policy: Lessons from the financial sector

Modern society is increasingly dependent on digital services, making their dependability a top priority. But while there is a consensus that cybersecurity is important, there is no corresponding agreement on the true extent of the problem, the most effective countermeasures, or the proper division of labor and responsibilities. This makes cybersecurity policy very difficult. This article addresses this issue based on observations and experiences from a period of guest research at the Swedish Financial Supervisory Authority (Finansinspektionen), which made it possible to study how cybersecurity policy is developed and implemented in the Swedish financial sector. Observations include policy implementation challenges related to squaring different roles and perspectives mandated by different laws, and to collaboration between independent government authorities, but also policy development challenges: How can the full range of perspectives and tools be included in cybersecurity policy development? As Sweden now revises its cybersecurity policy, this is a key issue.