DNB warns of international tensions and cyber attacks

This article was last updated on November 11, 2024

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DNB warns of international tensions and cyber attacks

Dutch banks and other financial institutions must prepare better for less global trade and more cyber attacks. De Nederlandsche Bank (DNB) warns about this.

World trade is hampered because countries increasingly want to protect their own industry and economy. This protectionism affects the economy and the financial system and leads to uncertainty, the report states.

“The geopolitical climate has become considerably harsher in recent years,” says Steven Maijoor, Director of Supervision at DNB.

Cybersecurity

DNB also warns of an increase in the number of cyber attacks. Maijoor: “Countries use different means against each other to maintain or increase their influence on the world stage, to influence decision-making in other countries or to gain access to knowledge and technology.”

DNB emphasizes that financial institutions must not only have their cybersecurity in order, but must also carefully look at which software suppliers they work with. A good backup of the systems is also important so that, if something goes wrong, financial services can be restarted safely.

Trump

After the credit crisis in 2009, banks worldwide collapsed. A number of large banks were saved from collapse by governments. In the years that followed, international agreements were therefore made to make banks more stable.

Yet DNB is also concerned on this point, especially about the policy that the incoming American President Trump may implement: “There are international agreements about what banks are and are not allowed to do, but these are based on the idea that the United States participates. We know Trump has a deregulation agenda.”