Dutch banks: "Make sure you have some cash money in case of a cyberattack"

Due to increased geopolitical tensions, it’s not inconceivable that financial transactions could be disrupted by cyberattacks. That’s why households have to make sure they have some cash money laying around.

Cyberattacks can have a devastating impact on society. For example, let’s say a water company can’t provide potable water, because its systems are shut down by hackers. And what if you can’t pay for your groceries at the supermarket? Or you can’t make a phone call, because your telecom operator is down?

You think these scenarios are farfetched? Think again. Last year, the latter happened in Ukraine when a cyberattack on telecom provider Kyivstar caused ATMs and POS terminals in stores to malfunction. For days people couldn’t withdraw any money, make a phone call or send text messages.

A spokesperson of the Nederlandse Vereniging van Banken (NVB), the advocacy group of Dutch banks, says the NVB is going to talk with financial institutions and other relevant organizations from civil society about this topic.

“We will come up with an integral advice on how best to manage your financial affairs should there be problems with the payment infrastructure. This could include, for example, cash, in what denominations and how much it should be. But also about maintaining an additional bank account or credit card,” he tells press agency ANP.

Institutions like De Nederlandse Bank (DNB) and the National Institute for Family Finance Information (Nibud) recommend having at least €50 cash on hand at all times.

The NVB spokesperson stresses that banks are ‘very well prepared’ for a variety of threats, including cyberattacks. This means that customers’ savings are always safe.

“Cyber resilience has been a top priority for banks for years. Banks inform each other about incidents, analyze them jointly, and share effective countermeasures,” he adds.

The advice is expected to be ready and published somewhere in the first quarter of 2025.