Financial sector contingency planning will help ensure continued functioning of society in all circumstances

Abstract

The prevailing geopolitical uncertainties have brought an increase in operational risks and in threats to the financial infrastructure, which has heightened the need to be prepared for severe infrastructure disruptions. Against this background, the Finnish authorities put in place a backup system for everyday payments in 2022, the EU drafted legislation intended to bolster the resilience of financial services, and the European Systemic Risk Board (ESRB) assessed cyber risks facing the financial system.