The Dutch Banking Association: ‘Keep cash at home in preparation for cyber attacks’

The Dutch Banking Association (NVB) advises households to keep cash on hand in the event of a cyber attack. Due to increasing geopolitical tensions, such as cyber threats from Russia and China, the NVB believes it is wise to be prepared for possible disruption of payment transactions.

At least 50 euros as an emergency amount

The NVB is following the advice of De Nederlandsche Bank (DNB) and Nibud, which have long advocated a minimum cash reserve of 50 euros. This amount should be sufficient to cover essential expenses, such as groceries and fuel, in the event that electronic payments are temporarily not possible. The NVB will provide more extensive advice at the beginning of 2025, including recommendations on, for example, additional bank accounts or credit cards.

After the Christmas holidays, the NVB will consult with the Social Consultation for Payments (MOB), a partnership that strives for reliable payment transactions. A new recommendation will be drawn up together with the Consumers’ Association and DNB, among others.

Bitcoin as an alternative to cash?

In addition to cash, Bitcoin and other cryptocurrencies are increasingly being looked at as an alternative in the event of disruptions to payment transactions. Bitcoin, which operates on a decentralized network and is independent of banks, can provide a way out in situations where traditional payment methods do not work. During cyber attacks in countries such as Ukraine, an increase in crypto use was reported, as digital assets often remain accessible even during disruptions in national financial systems.

Geopolitical threat and cyber attacks

Although there is currently no direct threat of cyber attacks on Dutch payment transactions, the NVB warns that geopolitical tensions increase the risk of disruptions. The incident in Ukraine, where a cyber attack on a telecom provider led to ATM malfunctions, is cited as an example. “We are well prepared, but an attack can always have unexpected consequences,” the NVB said.

Warning from insurers

However, insurers warn of the risks of keeping cash at home. Large amounts of cash can increase the risk of burglary and are often only covered by home contents insurance to a limited extent. Amounts between 250 and 500 euros are usually covered, but higher amounts can lead to disappointment in the event of a claim. The Association of Insurers recommends checking policy conditions carefully before keeping larger sums of cash at home.

Broader perspective: The Netherlands prepared for emergencies

The case for cash is not just a response to cyber threats. Last weekend, Minister of Defense Ruben Brekelmans also emphasized the importance of general preparedness in light of possible involvement in large-scale conflicts. In that context, the NVB’s advice to always be prepared, including financially, fits in.

The NVB’s advice emphasizes the vulnerability of digital systems in times of international tensions. Although electronic payments remain the norm, it is becoming clear that both cash and digital alternatives such as Bitcoin can be an essential backup in crisis situations.

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