Financial sector simulates nationwide disruption to payment and capital market systems

Experts from the leading institutions in the field of payment systems and capital markets participated, including specialists in debit card payments, cash, business payments, capital markets, cyber security and communications. They practised how the parties would act jointly in the event of sector-wide operational disruptions to payment and capital market systems.

The exercise took place on 1 and 21 April 2026 and focused on cooperation within the Operational tripartite crisis management body (Tripartiet Crisismanagement Operationeel – TCO), the sectoral crisis management structure for payment and capital market systems. The drill focused on sharing information, assessing crisis situations and taking joint decisions during crises. Crisis simulations like these are essential, because incidents rarely occur in isolation and often have an impact on a range of organisations concurrently. That is why the sector carries out regular joint exercises, including during national exercises such as ISIDOOR.

Fictional scenario, realistic threats

Realistic threats, such as hybrid attacks, physical disruptions and disinformation, formed the basis for the fictional crisis scenario. These diverse challenges required participants to exercise sound judgement and act swiftly. The focus was not on individual organisations, but on the functioning of the sector as a whole.

On the first day of the exercise, the emphasis was on analysing the situation and identifying and implementing appropriate measures by building on existing crisis procedures. On the drill’s second day, the participants practised decision-making and the joint implementation of the measures selected.

Efficient coordination

Effective communication, escalation procedures and role awareness formed an additional area of focus, as did collaboration between the TCO structure and the national crisis management structure.

Efficient coordination between all parties involved is crucial to ensure a swift and effective response to incidents before they devolve into all-out crises. And effective communication between all these organisations is crucial for effective crisis management should events warrant it.

The exercise provided valuable insights into both the strengths and the areas for improvement in the crisis response within the TCO structure. The lessons learned during the Sierra exercise are serving to further strengthen the sector’s crisis preparedness, cooperation and resilience. The exercise once again emphasised what has long been the TCO structure’s guiding principle: practise, practise, practise. The sector needs to participate in regular, joint exercises if all parties are to work together effectively and efficiently, especially in a crisis situation.