Steven Maijoor, Director of Supervision at De Nederlandsche Bank (DNB) , has urged financial institutions to strengthen their resilience against geopolitical threats. He specifically cited recent tensions, such as US President Donald Trump’s renewed interest in acquiring Greenland, as evidence of an unpredictable global climate. Maijoor noted that few could have predicted such friction between NATO allies a year ago.
The DNB and the Netherlands Autoriteit Financiële Markten (AFM) previously warned about the sector’s heavy reliance on non-European IT services. Maijoor argued that institutions should reduce this dependency by adopting “sovereign cloud” services that keep data within the European Union. He highlighted risks associated with both American IT providers and Israeli cybersecurity firms.
Strategies for digital sovereignty
To mitigate these risks, Maijoor suggested several key steps for the financial sector:
- Data encryption: Implementing robust encryption to prevent foreign entities from accessing sensitive data.
- Joint procurement: Purchasing IT services collectively to increase bargaining power.
- Sovereign clouds: Prioritising European-based infrastructure.
Maijoor admitted that total independence from American tech giants remains difficult. However, he believes the sector can make significant progress within five years if it acts now.
Regarding enforcement, the DNB took action against financial institutions 35 times in 2025, a decrease from 44 instances the previous year. Despite fewer individual cases, the regulator issued a higher number of administrative fines and periodic penalty payments.
@anp | NEWS BRAINPORT
