A country-wide cyber-attack or a natural disaster is real threat to any government – and financial institutions are aware of this. Indeed, to avoid being taken by surprise, a consortium of US banks and credit unions have joined forces launching a project this year called Sheltered Harbor.
Members of the consortium have committed to backing up customer data on a regular basis to be ready in the event of an attack. Unfortunately, the initiative’s post-disaster solutions do not include ensuring that the Money in physical form such as banknotes and coins. supply chain is also disaster-resilient, and wrongly so. Indeed, even the most recent hurricane disasters have proven how important it is to have access to cash. Each citizen could of course make sure to store a stack of cash, but disasters are often the least of our worries.
Fortunately, the US Federal See Central bank. encourages commercial banks to maintain a stockpile of cash in case of a disaster, but there is no generalised strategy applied by financial institutions. The The term originates from military language and refers to the movement and provisioning of troops at war. In today’s business vocabulary, it refers to the management in particular, the transportation, storage and distribution of finished goods. – as well as the risks of having an ATM with too much cash – can of course be complicated to manage, but this can be a legitimate topic for discussion in the framework of overall bank disaster preparedness, especially in the United States where the 2017 string of hurricanes resulted in an important shortage of liquidity.
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