The National Bank of Denmark has published its 2025 oversight report on the Danish financial infrastructure, concluding that the core systems and solutions used for payments and securities remained secure, efficient and generally stable. Central systems were assessed as highly compliant with international standards for organisation, risk management and contingency planning, supporting average daily payment flows of DKK 838 billion, but the report says cyber and hybrid threats remain serious and are becoming more complex. Operational disruptions were rare in 2025, although the report highlights three major incidents in TARGET Services, one major incident in the card payments infrastructure and some retail payment suspensions after the Easter 2025 migration of DKK settlement to TARGET DKK. System owners generally showed a high level of cyber resilience maturity, but the bank stresses that full protection against cyberattacks and other operational incidents is not possible and recommends contingency plans that can restore operations quickly and safely, including for extreme but plausible scenarios such as simultaneous failures at multiple data centres or corruption of critical data. The National Bank of Denmark will monitor in 2026 how financial companies implement its recommendations on operational preparedness when central systems or data are unavailable. The report also notes further infrastructure changes under way, including Finance Denmark's STEP2 DKK project with EBA CLEARING, expected to go live in the first half of 2027, and ES-CPH's planned convergence to the Euronext Group platform by 2028.
National Bank of Denmark 2026-05-04
National Bank of Denmark finds financial infrastructure secure and highly compliant while recommending stronger contingency planning for cyber and extreme outages
The National Bank of Denmark’s 2025 oversight report finds that core Danish payment and securities systems remained secure, efficient and generally stable, with central systems highly compliant with international standards and supporting average daily payment flows of DKK 838 billion, although cyber and hybrid threats are increasingly complex. The report notes rare operational disruptions but highlights major incidents in TARGET Services and card payments, urging stronger contingency planning for extreme scenarios. The bank will monitor in 2026 how firms implement its recommendations and flags forthcoming infrastructure changes, including Finance Denmark’s STEP2 DKK project with EBA CLEARING and ES-CPH’s convergence to the Euronext platform.