Let me start by expressing my appreciation to the European System of Central Banks’ Payment and Settlement Systems Committee for taking the initiative to organise this workshop on cyber resilience and to the representatives of other authorities and the financial market infrastructures (FMI) community for coming here today to discuss with us this very important topic in the international agenda.
Financial stability usually conjures up questions about capital and liquidity and the network of financial exposures and interdependencies that make up the financial sector. But the sector is an operational network too. On a daily basis it delivers financial intermediation between market participants and end users, whether the transmission of salaries and other payments from one bank account to another or the settlement of market transactions through a web of settlement banks, clearing houses, settlement systems and custodians. As overseers of FMIs, we need to ensure that each of the nodes in this network is operationally resilient and in a position to provide the services that are important to the system as a whole.
We also need to ensure that where disruptions do occur, firms can continue to operate or recover quickly, minimising any adverse impact on the functioning of the system as a whole. For the full article click here
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