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Dutch lender Volksbank fined for inadequate risk management

The Dutch central bank (DNB) imposed a fine of 3.3 million euros on the Dutch lender Volksbank for inadequate risk management practices, as reported on January 30, 2025. The fine was due to Volksbank's failure to properly manage risks associated with its IT systems, which were found to be vulnerable to cyber threats. This issue was identified during an inspection that took place between 2018 and 2020. Despite being given multiple opportunities to rectify the deficiencies, Volksbank did not adequately address the concerns, leading to the penalty. The DNB emphasized the importance of robust risk management in the banking sector to ensure financial stability and protect customer data.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/dutch-lender-volksbank-fined-inadequate-risk-management-2025-01-30/ ]