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Cyber Dangers Spark Iceland Plan during the Payments at Home

Iceland is establishing a national payments system to guarantee it can handle transactions even if the island gets isolated from the global community.

Linked to other nations via four underwater data cables, the North Atlantic country aims to guarantee that transactions can occur even without an internet connection outside its borders. According to the central bank, over 90% of all retail transactions are handled by Visa Inc. and Mastercard Inc., which process them internationally.

Though it’s improbable for all cables to be non-operational simultaneously, the Sedlabanki is currently developing a solution. According to Sigridur Dis Gudjonsdottir, the expectation is that the solution — which is expected to be less expensive — will be available as early as this year. She serves as the chief executive officer of Greidsluveitan ehf., a company owned by the central bank responsible for managing the development and coordination of the new financial infrastructure.

“We don’t have enough variety in payment solutions and that is the threat,” she said in a recent interview in Reykjavik. “We’ve put all our eggs in the basket of the international payment cards companies.”

The legal framework for the solution was recently passed last year through parliament. This matter has been discussed by the country’s national security council. This discussion has the subject like the increase of cyber-attacks along with the “geopolitical landscape has become more volatile,” .

Iceland experienced being shut out of international markets. 2008’s financial crisis countries cut banking sector collapsed. International card companies and contemplated closing all sorts of payments on the Iceland cards. That would have had devastating effects as detailed in the documents justifying the need for the bill.

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