Cyber Attack fear makes the Swedish government urged citizens to hoard cash

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Cyber attack fear has made the Swedish government urge all its citizens to hoard cash in their houses in the case of a national emergency and as a precautionary measure.

According to ‘The Times’, the Swedish Civil Contingency Agency is asking its populace to stock up cash in small denominations if in case the banking system operating in the said region gets deeply impacted by cyber attacks.

As the government of Sweden is in a plan to go cashless by this year-end, the country’s central bank Riksbank has demanded a detailed inquiry into the risks associated if the society goes cashless.

In a recent report released by World Economic Forum, the value of cash spending and circulation in Sweden has dropped to 1% since 2017  and so the government’s objective to make cashless society by 2030 seems to be yielding great results.

However, not everyone has supported the Swedish government’s objective to go cashless- especially the senior citizens like pensioners who are estimated to be around 350,000- as per the stats released by Swedish National Pensioners Organization (SNPO).

So, the government of Sweden wants to continue with its digital transformation objective only if the system of cashless transactions is assured to be safe.

Until then the government wants the populace in its region to pile up cash in order to counter the crisis effectively if in case a cyber attack causes an IT failure in the banking system.

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Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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