The Central Bank of the Netherlands has issued a cautioning reminder urging households to have enough cash on hand to meet their essential needs for at least three days in the event of an emergency.
This advice is significant given the current reliance on digital transactions and the declining use of cash. The Bank highlights that a serious cyberattack or a malfunction in payment systems could prevent citizens from purchasing even the most basic necessities.
Specifically, the Bank recommends that households retain €70 in cash per adult and €30 per child, allowing families to manage essential expenses such as food, water, medicine, and transportation for three days. This amount is deemed the minimum required to sustain basic needs during an emergency.
Cybersecurity Threats and Geopolitical Uncertainty
This alert coincides with rising concerns over cybersecurity, particularly as global tensions increase the risk of assaults on vital infrastructure like banking and electronic payment systems.
The Bank referenced the recent power outage in Spain and Portugal last April, which led to significant but fortunately brief disruptions in electronic payment capabilities.
Advice for Merchants as Well
The Central Bank’s message wasn’t solely directed at the public; merchants are also encouraged to provide alternative payment options, such as QR code scanners, to accommodate customers if cash registers become inoperative.
This isn’t the first time a European institution has emphasized the importance of readiness. In March, the European Commission released a plan advising citizens to stock up on three days’ worth of food to ensure survival in the event of war or natural disasters.
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