Be prepared for turbulent times, Dutch central bank warns
Dutch NewsThe Dutch national bank DNB has warned financial institutions to identify and protect themselves against geopolitical risks, from protectionist economic policies to cyberattacks. Presenting its overview of the next three years, the bank said banks, insurers and pension funds needed to build up their operational resilience and ensure they had enough financial buffers to absorb the impact of global events. “For some years now, the Netherlands and Europe have not been able to take favourable international relations for granted,” executive board member Steven Maijoor said. “This includes the use of means such as diplomatic and financial sanctions, import and export limitations, cyber attacks and espionage.” Maijoor praised the EU’s Digital Operational Resilience Act, which comes into force in January, as a step towards improving digital security by tightening the regulations for outsourcing IT contracts. Maijoor said Europe needed to finalise its banking and capital market union to ensure it remains a strong player with a diverse financial system, while supervision also needed to be organised on a European scale.
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