Our financial sector is an important part of our national security. Within the Whole of Society approach, where government, business, and citizens together prepare for crises and disasters – such as war, natural disasters, or the consequences of climate change – our banks, insurers, and pension funds play an important role. In fact, it is a fundamental pillar of our national security.
Stability and resilience during a crisis
There is a direct link between the stability of our financial system and the safety and resilience of society. Whether it's due to geopolitical tensions, natural disasters, or cyberattacks; a functioning financial system ensures that our country can continue to operate. Moreover, the financial sector plays a key role in financing essential security measures needed to make and keep us resilient. Investments in the defense industry, such as radar systems and shipyards, are crucial to our national security.
Regarding both matters, it is important to consider obstacles or threats. Regulation around ESG and societal resistance to defense investments can make necessary financing difficult. Therefore, it is important to find a balance between sustainability requirements and the need to invest in our defense. We must also carefully examine our vulnerability to cyber threats because we are fully dependent on digital payment systems.
Providing space and sharing learned lessons
To ensure the resilience of the financial sector, it is necessary to review our legislation in this area. Only by making investments in strategic industries easier can we ensure that the Netherlands will be better prepared for future challenges. Incidentally, the role of the sector can be broader. Financial institutions can share their knowledge and experience in the field of cybersecurity and crisis management – in which they often lead – with other sectors and the government. This not only strengthens the financial sector but also overall national resilience.
Conclusion
The financial sector plays an indispensable role in our national security. By investing in stability, trust, and cooperation, we can lay a strong, resilient foundation that protects our country from tomorrow's threats.
Do you want to know more about how KPMG handles a Whole of Society approach? Then read the case study (in Dutch) below:
