3 July 2026
The financial sector faces an intensified threat landscape, where cyberattacks, hybrid warfare, and AI-driven threats must be managed. Operational disruptions cannot be avoided, but we must be ready to manage them when they occur. Therefore, the Danish Financial Supervisory Authority (Finanstilsynet) and Danmarks Nationalbank, together with key sector entities, have conducted a joint stress test of operational resilience. The method is new and has resulted in valuable learnings and concrete initiatives to strengthen the sector’s collective ability to respond quickly and effectively to cyberattacks.
Strong cooperation in a new model for collective training
The stress test has introduced a new model of collaboration, where firms and authorities jointly design the specific disruption scenario to be tested. The exercise is conducted both as a tabletop exercise - providing time to plan the best possible response - and as a real-time crisis simulation, enabling participants to practice immediate, coordinated action.
The collaboration during the test has been marked by a strong spirit of co-operation and a high level of engagement. ”The participants in the stress test have invested considerable effort and energy in designing a scenario that was ambitious and maximised learning both for the individual organisations and across the sector. It has also provided valuable lessons for strengthening the sector-level crisis management, FSOR crisis response group,” says Ulrik Nødgaard, Governor of Danmarks Nationalbank.
Joint initiatives strengthen preparedness
In the fictional scenario used in the test, data manipulation created uncertainty about the ownership of securities. This led to both the settlement of completed trades and further trading being halted for a period. As a result, both the settlement of completed trades and further trading had to be suspended. Before customers could resume trading as normal, participants had to complete a demanding clean-up work.
”Although the stress test scenario was extreme, the elevated threat landscape indicates that such scenarios are also plausible. It is therefore important to prepare for severe incidents and strengthen preparedness to ensure business continuity in these scenarios,” emphasised Ulrik Nødgaard, Governor of Danmarks Nationalbank.
The stress test has confirmed that the mutual interconnectedness in the financial sector means that no actor can manage a major disruption alone – this applies both to the specific scenario in the test and more broadly in the sector. It is not enough to have good individual contingency plans; we are only as strong as the weakest link.
Instead of an individual race, recovery is a timed puzzle, where each participant has a part of the solution, and where cooperation and coordination are necessary for all the pieces to fall into place.
Therefore, we have jointly launched three initiatives, where firms across the sector, with the authorities as facilitators, will work together to strengthen the collective preparedness to manage extensive, prolonged ICT disruptions. The initiatives consist of developing a joint playbook for managing disruptions in the securities area, a working group to strengthen joint external crisis communication, and an initiative to enhance joint preparation across a range of relevant disruption scenarios.
”Responsibility for maintaining its own operational resilience rests with each individual organisation. At the same time, the high degree of interconnectedness across the financial sector makes cooperation between organisations and authorities essential to support information sharing, coordination, business continuity, and sector-wide testing. The three initiatives launched reflect a shared ambition to move from learning to concrete action and thereby strengthen our collective ability to manage operational incidents,” says Ulrik Nødgaard, Governor of Danmarks Nationalbank.
1. The test was conducted in cooperation between Finanstilsynet, Danmarks Nationalbank, and 11 key private actors in the financial sector: Bankdata, BEC, Danske Bank, JN Data, Jyske Bank, Netcompany Banking Services, Nordea, Nykredit, SEB, Sparekassen Kronjylland, VP Securities.
2. The focus was on an extreme but plausible scenario involving a breach of data integrity and disruption to securities trading and settlement.
3. The insights are used to improve joint preparation, coordinated communication, and strengthened cooperation across the sector.
For further information, please contact press officer Teis Hald Jensen on telephone+45 3363 6066.