The banks have issued an crucial appeal. Start collecting cash

In the face of the increasing threat of cyber attacks, European central banks urge citizens to have cash as safety in case of failure of payment systems. Dutch Central Bank and financial institutions in Sweden propose the creation of home financial reserves to guarantee access to emergency measures.

In fresh years cyber attacks have become a major challenge for financial infrastructure. According to the study European Court of Auditors, the European Union and its associate States must face increasing threats in cyberspace that may lead to distortions in the functioning of payment systems.

Dutch Central Bank points to the hazard of hacker attacks that may paralyze the banking sector, preventing access to funds in accounts and the usage of electronic payment methods.

Recommendations for citizens

In consequence to these threats, Dutch Central Bank recommends keeping at home between 200 and 500 euro in cash. akin recommendations appear in Swedenwhere it is suggested to have a minimum of EUR 170 per person, which is to be adequate for weekly purchases. For a household of four, this means about EUR 680, i.e. about PLN 2850. The week-long period was selected as the minimum time needed for financial institutions to reconstruct systems after a major cyber attack.

Situation in Poland

Although National Bank of Poland it has not made authoritative recommendations for the collection of cash, it is worth considering having a financial reserve in case of any disturbance in the payment system. Poland, being part of the global economy, is not free from cyber threats. In August 2024 there was a hacking attack on Polish Anti-Doping Agency, which shows that Polish institutions can besides become the mark of cyber criminals

The importance of cash in the digital age

In the digital age where electronic payments dominate, cash continues to play a key function as a safeguard in crisis situations. European Central Bank emphasises that euro banknotes and coins are always available and that the national central banks supply free cash services, ensuring the smooth functioning of payment systems. Physical money does not require power or connection to the internet, making it a reliable means of payment in the event of a failure of electronic systems.

In addition to collecting cash, it is worth taking additional steps to safe financial security:

• Monitoring of bank accounts: Regular checking of account position and fast consequence to suspicious transactions.
• Diversification of savings: utilizing different banks and forms of retention of funds, including investments in precious metals specified as gold.
• Security of financial documents: Keeping crucial papers safe and having copies of them.
• Alternative methods of communication with the bank: Prepare for possible main communication channels failures.

In the face of expanding cyber threats, European central banks urge having cash as a safety measurement in the event of a failure of payment systems. Although no authoritative recommendations were issued in Poland on this issue, it is worth considering having a financial reserve and taking additional steps to defend its resources. Cash, despite the progressive digitisation, continues to be a reliable means of payment in crisis situations.