One Function

A drastic escalation.

1. Cyber security has eclipsed tumultuous financial markets as the biggest concern for the world’s largest sovereign wealth fund, as it faces an average of three “serious” cyber attacks each day. The number of significant hacking attempts against Norway’s $1.2 trillion oil fund, Norges Bank Investment Management, has doubled in the past two to three years, according to its chief executive Nicolai Tangen. The fund, which reported its biggest half-year dollar loss last week after inflation and recession fears shook markets, suffers about 100,000 cyber attacks a year, of which it classifies more than 1,000 as serious, according to its top executives. “I’m worried about cyber more than I am about markets,” Tangen told the Financial Times. “We’re seeing many more attempts, more attacks [that are] increasingly sophisticated.” The fund’s top executives are even concerned that concerted cyber attacks are becoming a systemic financial risk as markets become increasingly digitized. (Source: ft.com, italics mine)