Speech by Benoît Cœuré, Member of the Executive Board of the European Central Bank, in which he focuses on cyber resilience for financial market infrastructures.
The financial system is changing fast. Digitalisation has led to improvements in access to services, as well as in their quality and convenience. In the field of payments, services are increasingly instant, 24/7 and globally available. Non-bank participants, meanwhile, are disrupting traditional intermediation. Artificial intelligence and machine learning are just two of the innovations promising to revolutionise financial services.
But revolution and evolution typically come with new risks, while not eliminating all the old ones.
Much progress has been made in recent years in strengthening cyber resilience, thanks in large part to the smooth interplay between global standard-setting bodies, regional authorities and industry stakeholders.
But because the nature of the threat landscape is changing constantly, the risk of a major cyber incident remains real and is, in all likelihood, rising. Failure to adequately protect against cyber attacks may dent confidence in the stability of the financial system and have more far-reaching repercussions on the broader economy.
He concludes: “To avert these risks, and to stay ahead of those trying to damage our financial system, we need to leverage the tools and best practices that already exist and strengthen multilateral cooperation to promote innovative ideas, practical solutions and experience-sharing. In doing so, we need to find solutions to the issues related to privacy, data protection and reputational concerns so we can keep our financial system safe.”
Full speech
© ECB - European Central Bank
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