Norway Recommends Cash for Resilience
Jun 19, 2023
Norwegians should ensure they have a variety of payment options—including cash—so they are prepared for the possibility of a cyberattack, says Norges Bank.
A report recently published by Norway’s Central Bank on financial infrastructure and payment systems warns the nation’s payments need to be made more resistant to outages, with a focus on deliberate attacks aiming to destabilise the country.
Recognising the resilience of cash—which can be used without electricity or an internet connection—the report highlights the importance of keeping a store of banknotes on hand. The exact amount needed, it says, will ‘depend on the size of the household, and its particular necessities’. Citizens are also advised to hold several payment cards and split their money between different banks.
Norway is one of the world’s most digitised countries. Faults in electricity, telecommunications or the internet can impair the ability to make payments. This could have major consequences for critical societal functions.
These recommendations are in line with guidance issued in neighbouring Finland in December 2022. Päivi Heikkinen, Head of the Payment Systems Department and Chief Cashier at the Bank of Finland, counselled all households to maintain cash holding for use in emergency situations, or on occasions when cashless payments are temporarily unavailable.