Dutch Central Bank Advises Citizens to Keep Cash Amid Cyberattack Fears

2024-12-13 data

Amsterdam, Friday, 13 December 2024.
The Dutch Central Bank warns citizens to keep cash at home due to potential Russian cyberattacks threatening digital banking, underscoring the need for enhanced cybersecurity measures.

Unprecedented Warning and Immediate Measures

On December 12, 2024, the Dutch Central Bank (DNB) issued an extraordinary advisory, highlighting the risks of potential disruptions to digital payment systems [1][4]. The DNB emphasized that if digital payment infrastructure fails, citizens would be unable to conduct basic financial transactions, including bank card payments and money transfers [4]. While specific amounts weren’t prescribed, most Dutch households are typically insured for keeping between €250 to €500 in cash at home [4].

Rising Cyber Threats in the Financial Sector

Recent data indicates a significant escalation in cyber threats targeting financial institutions. Between January 2020 and October 2024, researchers documented 186 cyber attacks on banks worldwide [6]. The financial services sector has emerged as one of the most targeted industries for cyber attacks, with approximately one-fifth of all cyber incidents affecting financial institutions [6]. The Netherlands faces particular vulnerability due to its strong dependence on international trade and digital infrastructure [4].

European Response and Protection Measures

The European Union is responding to these threats with the implementation of the Digital Operational Resilience Act (DORA), scheduled to take effect on January 17, 2025 [1][4]. This legislation will introduce targeted rules for digital operational resilience testing and risk management across Europe. The Dutch approach mirrors similar initiatives in other European countries, such as Sweden, where households are advised to maintain enough cash (approximately €167) for a week’s worth of groceries [1][4].

Evolving Threat Landscape

Recent analysis reveals a sophisticated pattern in cyber attacks, with different threat actors targeting various types of financial institutions. Criminal groups primarily focus on smaller, less resilient banks, while politically motivated hacktivists often target larger, more profitable institutions [6]. The DNB has promised to provide more detailed instructions in the new year regarding recommended cash reserves and protective measures [1]. This proactive stance reflects the growing recognition that cyber attacks can significantly disrupt national financial systems without traditional military engagement [1].

Bronnen

Cybersecurity Financial risk