Introducing the sectors of critical infrastructure: Finance

Why is the finance sector part of critical infrastructure?

The finance sector ensures the smooth circulation of money, the execution of payments and the functioning of economic relations across the whole of society. Its reliable operation enables the everyday functioning of citizens, entrepreneurs and public institutions. The finance sector encompasses the systems and services that enable the execution of payments, the management of financial assets, the provision of credit and the functioning of financial markets.

Ordinary activities such as the payment of wages, cashless payments or business transactions are directly dependent on its trouble-free operation. Any disruption would have an immediate impact on the economy, on the business environment and on public services.

In everyday life, the financial system operates inconspicuously, but its significance becomes fully apparent in the event of its failure. In such a case:

•        citizens would lose access to their financial resources,

•        companies would be unable to honour their financial obligations,

•        the state would face enormous limitations in the exercise of its functions.

At the same time, the finance sector is an area that directly influences public confidence in the economic environment. If this confidence is undermined, the consequences may be not only immediate, but also long-term.

The central body of state administration

The central body of state administration for the finance sector in the area of critical infrastructure is the Ministry of Finance of the Slovak Republic.

Which sub-sectors fall under the finance sector

•        a) Banking

•        b) Financial markets

•        c) Public finance management systems

Which entities are part of the above sub-sectors

•        credit institutions,

•        operators of trading venues,

•        central counterparties (CCPs),

•        operators of systems whose failure or damage would jeopardise the economic function of the state.

Which essential services these entities provide

•        the acceptance of deposits,

•        the provision of credit,

•        the operation of a trading venue,

•        the operation of clearing systems,

•        the financing of the state, debt and liquidity management,

•        the execution of the budget of public administration entities and the provision of payment services,

•        ensuring the economic agendas of public administration entities,

•        the operation of public finance management systems, specialised portals, applications and technical infrastructure,

•        ensuring the collection, control and distribution of taxes, fees and customs duties.

Specifics and risks of the finance sector

Financial services are highly digitalised and tied to technological infrastructure, which increases their sensitivity to various types of incidents. The resilience of this sector to risks and the ability to respond to crisis situations are essential for maintaining the continuity of the provision of essential services.

The main risks include:

•        cyber attacks,

•        outages of information systems,

•        systemic failures with a chain effect,

•        disruption of public confidence.

Does this concern your organisation as well?

For organisations operating in the finance sector, the importance of active preparation for new regulatory requirements and of strengthening their own resilience is growing. It is precisely in this context that the Critical Infrastructure Association of the Slovak Republic represents a platform that brings together experts, shares up-to-date knowledge and offers practical solutions for managing the challenges in the area of critical infrastructure.

Membership and cooperation within the association allows entities to gain access to professional know-how, the exchange of experience and current information from the legislative and security environment. At a time of growing risks and of the interconnectedness of systems, this represents an important step towards strengthening one’s own preparedness and long-term stability.



If this area concerns you or you are preparing for it, do not hesitate to turn to the Critical Infrastructure Association of the Slovak Republic. We will professionally help you to navigate the regulatory requirements and strengthen your preparedness.