Dutch authorities have made notable progress in strengthening cyber resilience within the financial sector, according to the Financial Stability Board (FSB). The FSB released its second Peer Review of the Netherlands, focusing on efforts to mitigate risks from operational incidents and cyber-attacks.
The review highlights that Dutch agencies and government bodies have shown strong cooperation and information sharing both internally and with industry participants. The Netherlands has developed frameworks such as Threat Intelligence-Based Ethical Red-teaming (TIBER) and Advanced Red Teaming (ART), which are recognized as leading practices. A national crisis-management structure is also in place to coordinate responses during major disruptions.
Despite these advancements, the FSB advises continued focus due to the evolving nature of cyber threats and interconnectedness within the financial system. Recommendations include regularly reviewing information-sharing mechanisms, encouraging broader adoption of ART testing among financial entities, and developing a national analysis of third-party provider risks.
Jane Magill, Chair of the Netherlands peer review, stated: “Cyber incidents can pose systemic risks, disrupting critical financial services and eroding market confidence. Detailed examination of a jurisdiction’s approach provides benefits to all jurisdictions that are constantly looking to enhance their response to this risk.”
In 2023, the FSB published a toolkit for managing third-party risks as well as recommendations for harmonizing incident reporting among authorities. These measures aim to strengthen regulatory efforts globally by building practical understanding through peer reviews like those conducted in the Netherlands and Spain.
FSB member countries participate in periodic peer reviews to assess adherence to international standards. The Netherlands volunteered for this process in 2025. More details about ongoing country reviews are available on the FSB website.
The FSB coordinates work at an international level among national authorities responsible for financial stability across 24 jurisdictions. It also engages with about 70 other jurisdictions through Regional Consultative Groups. Andrew Bailey, Governor of the Bank of England, chairs the FSB, whose Secretariat is based in Basel, Switzerland.