Boss of world's largest SWF puts cyber security at top of risk list –

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Sovereign Wealth Funds
‘I’m worried about cyber more than I am about markets,’ says Nicolai Tangen.
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The chief executive of the world’s largest sovereign wealth fund, Norway’s $1.2tn (€1.2tn) oil fund, has said cybersecurity is a bigger concern on a day-to-day basis than financial markets.
In an interview with the Financial Times, Nicolai Tangen outlined how Norges Bank Investment Management faced an average of three serious cyberattacks a day and about 1,000 a year.
‘I’m worried about cyber more than I am about markets,’ Tangen said. ‘We’re seeing many more attempts, more attacks [that are] increasingly sophisticated.’
Tangen said there were almost triple the number of attacks on the sovereign wealth fund’s computer system than when he assumed the role in September 2020.
His comments come during a challenging time for the fund, which reported its largest post-global financial crisis losses during its reporting for the first half of 2022. The group announced a $174bn decline in assets under management for this six-month period.
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