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Managing Climate Change Risks in Critical Infrastructure Protection with Examples from the European Financial Sector

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Critical Infrastructure Protection in the Light of the Armed Conflicts (HCC 2022)

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Abstract

Extreme weather events fostered by climate change jeopardise the smooth operation of critical infrastructures and thus threaten the availability of essential services, including financial services. As these extreme events are predicted to become more frequent, the proper management of natural hazards is essential in critical infrastructure protection. This paper first describes the risk management of natural hazards. Then examines the European financial sector approaches the issue of climate change and natural hazards in general, based on publicly available sector-specific data. It will then give an overview of the preparedness of some European banks, based on our survey. In the end it attempts to identify areas for further improvement. Although the focus has been put on the members of the European banking industry, the results and conclusions may be applicable in other sectors as well. Moreover, the findings and best practices may be of service to auditors, legislators and researchers.

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Author information

Authors and Affiliations

  1. Doctoral School on Safety and Security Sciences, Obuda University, Budapest, Hungary

    Tamás Somogyi

Authors
  1. Tamás Somogyi
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Correspondence to Tamás Somogyi .

Editor information

Editors and Affiliations

  1. Banki Donat Faculty of Mechanical and Safety Engineering, Obuda University, Budapest, Hungary

    Tünde Anna Kovács

  2. Department of Informatics, Milton Friedman University, Budapest, Hungary

    Zoltán Nyikes

  3. Faculty of Military Science and Officer Training, National University of Public Service, Budapest, Hungary

    Tamás Berek

  4. Banki Donat Faculty of Mechanical and Safety Engineering, Obuda University, Budapest, Hungary

    Norbert Daruka

  5. Banki Donat Faculty of Mechanical and Safety Engineering, Obuda University, Budapest, Hungary

    László Tóth

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© 2024 The Author(s), under exclusive license to Springer Nature Switzerland AG

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Somogyi, T. (2024). Managing Climate Change Risks in Critical Infrastructure Protection with Examples from the European Financial Sector. In: Kovács, T.A., Nyikes, Z., Berek, T., Daruka, N., Tóth, L. (eds) Critical Infrastructure Protection in the Light of the Armed Conflicts. HCC 2022. Advanced Sciences and Technologies for Security Applications. Springer, Cham. https://doi.org/10.1007/978-3-031-47990-8_10

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  • DOI: https://doi.org/10.1007/978-3-031-47990-8_10

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-031-47989-2

  • Online ISBN: 978-3-031-47990-8

  • eBook Packages: EngineeringEngineering (R0)

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