The Dutch central bank (DNB) has raised alarms about the increasing risk of cyberattacks targeting critical infrastructure, urging citizens to prepare for potential disruptions to payment systems. As geopolitical tensions, particularly with Russia, continue to escalate, the DNB has recommended that individuals keep cash at home as a precaution against possible digital payment failures. While the bank has not specified an exact amount, it intends to release further guidance in the new year, outlining strategies for financial preparedness in the event of payment system outages.
The advice comes as the global cyber threat landscape grows more complex, with governments and financial institutions closely monitoring risks to critical infrastructure. The DNB’s warning highlights the possibility that disruptions could make electronic payments, including bank card transactions and automatic money transfers, unavailable. In Sweden, a similar recommendation has been made, suggesting households keep enough cash to cover a week’s expenses, underscoring the increasing importance of financial readiness in times of crisis.
In addition to the cash recommendation, the DNB’s advice is part of broader efforts to bolster the country’s resilience against both cyber threats and other emergencies. The Dutch government has indicated that it will also be advising citizens to stockpile emergency supplies, including food and radios, in case of prolonged disruptions to essential services. This move recalls Cold War-era preparedness measures, aiming to ensure that households are ready for a range of crises, from natural disasters to cyberattacks.
While cash payments have declined significantly in the Netherlands since 2017, with only 20% of transactions now being made in physical currency, the DNB’s suggestion underscores the vulnerability of digital payment systems. In the event of a surge in cyberattacks, having a cash reserve could provide an essential safety net. However, Dutch insurance providers caution that only a limited amount of cash—typically between €250 and €500—may be insured, further emphasizing the importance of balanced financial planning in uncertain times.
Reference:
