Preparedness
The stable and undisrupted operation of the financial markets is vital for the functioning of society. Financial market services that are critical for society must be available even in a serious crisis. Geopolitical uncertainties have increased the operational risks and threat to the financial infrastructure, creating a need for a new kind of preparedness. The Bank of Finland supports national preparedness through both practical arrangements and collaboration.
Banks and other payment service providers switched over to using pan-European payment systems in the early 2000s. Some of the processes of individual banks have also been transferred to operating units located abroad or to foreign subcontractors, which adds complexity to their operations. Long-term disruptions to these processes would have a considerable impact on the functioning of payment traffic and the securities business in Finland.
The threat of cyberattacks and broader hybrid interference calls for there to be greater preparedness for operational risks. The primary way to ensure the continuity of services is via the continuity and contingency arrangements of the relevant entities.
The Government sets the general objectives for the national security of supply. The main objective is to safeguard the functioning of critical infrastructures, production and services so that the basic needs of the population, the economy and national defence can be met under all circumstances. Cooperation between the public sector and the private sector is a prerequisite for the functioning of national security of supply. The objective of the security of supply work is that severe disruptions and emergency conditions can be managed through national measures (Objectives - National Emergency Supply Agency).
In Finland, banks and other individual actors have long taken measures to improve their preparedness for various contingencies. To complement this, the authorities have put in place a backup system for safeguarding daily payments (link Securing daily payments) in situations where normal European payment systems or systems of specific banks would be unavailable due to a severe disruption or emergency in society.