The Bulletin: Bugs in the system
Autumn 2019 Vol.10 Ed.4
Bugs in the system: Cyber readiness in global finance
For law-abiding people, rapid advances in digitalisation offer convenience, ease of access and cost efficiency. For the criminally minded, it presents countless openings for large-scale cyber attacks.
How policy-makers should respond when confronted with such risks and developments is a subject to which OMFIF pays much attention. Our latest technology-focused report, supported by Citi, deals with ‘Driving cyber resilience in the financial system’, focusing on the role of central banks.
We are pleased to feature in this edition of The Bulletin representatives from two institutions at the forefront of the discourse on cybersecurity, namely the European Central Bank and Monetary Authority of Singapore. These contributions, which address the need for greater collaboration between regulators and other financial institutions globally, are supplemented by in-house analysis examining the global cost of cybercrime and the culture of secrecy that inhibits deeper discussion about this threat.
The massive size, complexity and interconnectedness of the financial system makes a globally-disruptive cyber attack a matter of when, not if. Public policy-makers must move quickly to fill whatever cracks they can.
- Tommy Tan, director and head of technology risk supervision division at the Monetary Authority of Singapore;
- Sabine Lautenschläger, member of the European Central Bank executive board;
- Linda Jeng, visiting scholar on financial technology at Georgetown University Law Centre. She was Chair of the Basel Committee’s working group on open banking;
- Christian Jüttner, global vice-president and head of corporate development at Giesecke+Devrient Currency Technology.