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Powering Through Uncertainty:

How the Financial Sector Responded to the Iberian Blackouts

What the FSQS-ES community did - and what others can learn from it

On Monday, 28 April 2025, a widespread power outage swept across mainland Spain, Portugal, and Andorra. It hit without warning - halting infrastructure, disabling WiFi and digital services, and disrupting communication across the region.

For many suppliers without robust continuity plans or backup power, the impact was immediate. Radio became the most reliable channel. While electricity was restored within 12 hours in Spain (and by Tuesday evening across the peninsula), the event exposed a deeper issue: operational resilience.

A Real-Time, Community-Led Response

The FSQS-ES community, made up of Spain’s leading banks and insurers - moved fast. Within hours, a coordinated response was underway to assess supplier exposure and support operational continuity.

A targeted 11-question pulse survey was developed and signed off in just five working days, despite national bank holidays. The questionnaire covered:

  • Service disruptions

  • Knock-on supply chain effects

  • Communication protocols

  • Strength of existing business continuity plans

The goal was clear: provide buyers with real-time data to identify high-risk suppliers, validate continuity measures, and coordinate effective support.

The question set gave buyers real insight in just 5 working days.

Iberian Blackouts-1

Response Timeline

  • Monday 28 April – Power outage hits Spain, Portugal, and Andorra

  • Tuesday 29 April – Hellios proposes collaborative assessment to FSQS-ES Governance Committee

  • Wednesday 30 April – Question set approved

  • Tuesday 6 May – Supplier communications finalised

  • Wednesday 7 May – Questionnaire launched to FSQS-ES suppliers


From initial crisis to community-wide response in just five working days.

Using the FSQS platform, financial institutions accessed consistent, structured data — reducing duplication, easing the burden on suppliers, and accelerating recovery across the sector.

Lessons in Resilience: What Others Can Learn

This isn’t just a success story — it’s a playbook for responding to disruption with speed and collaboration.

Here’s what the FSQS-ES response can teach the wider financial sector:

 

1. Map Your Supplier Exposure Early

Look beyond head office locations. Identify delivery centres, regional operations, and any supplier dependencies in affected areas.

 

2. Ask the Right Questions, Fast

Speed matters. A focused, conditional question set can surface the insights you need - without overwhelming suppliers already under strain.

 

3. Turn Shared Data Into Coordinated Action

Prioritise based on impact and risk. Use the data to guide conversations and align your efforts with others in your network to drive faster recovery.

Resilience That Moves Faster Than Crisis

The cause of the blackout is still under investigation. A cyber attack has been ruled out, and attention is turning to a rare weather event.

But for the financial sector, the real question isn’t what caused the outage - it’s how we respond.

The Iberian blackout proved that with the right infrastructure, the right questions, and the right community, the sector can act quickly. And more importantly, it can act together.

 

Want to be part of the community?

FSQS brings financial institutions together to strengthen third-party resilience —
not just in theory, but in practice.
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