Swedbank Fined 12.5 Million Kronor by FI for Security Deficiencies

The major bank Swedbank has not lived up to the regulatory framework for security protection. Therefore, the bank must pay 12.5 million kronor in sanctions, according to a decision by the Financial Supervisory Authority (FI).

"The security protection analysis is a fundamental part of a structured and systematic security protection work. Our review shows that Swedbank has not lived up to the requirements placed on a security protection analysis", says Malin Alpen, head of Payments at FI, in a press release.

"Swedbank's security protection is solid. The deficiencies in documentation were addressed more than a year ago. The assessment is that these have not affected our security protection", says CEO Jens Henriksson, in a press release.