The Finnish Financial Supervisory Authority (FIN-FSA) published its Annual Report 2024, describing elevated risks in Finland’s financial sector amid weak economic development and prolonged geopolitical tensions, while noting that strong solvency among supervised entities continued to provide a buffer. The report places cybersecurity and fraud prevention at the centre of supervisory attention as digitalisation and artificial intelligence change the risk landscape. Cybersecurity pressures intensified toward the end of 2024 following an exceptionally large-scale denial-of-service attack affecting the financial sector and cable failures in the Baltic Sea, reinforcing the focus on strengthening resilience in advance. Cyber resilience in banking was tested in 2024 in an exercise led by the European Central Bank, and national testing will be expanded in 2025 to other FIN-FSA-supervised sectors. The report also highlights the growing scale and professionalism of scams and calls for banks to take greater responsibility for preventing fraud, including by building protections into services such as customer-set bank transfer restrictions within current legislation. The Annual Report is published as a Finnish-language website, with Swedish and English versions to follow later in the spring.

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