With a number of new regulations coming down the track in the EU  such as the General Data Protection Regulation (“GDPR”) and the Network and Information Security Directive (commonly referred to as the “Cybersecurity Directive”)  the implementation of the Principles for Financial Market Infrastructures (“PFMIs”) into the regulatory frameworks of many jurisdictions worldwide  and the proliferation of standards such as the US’s NIST Cybersecurity Framework  FMIs are faced with significant investment and operational costs as they pay increased attention to improving their cyber-threat prevention  monitoring  detection and recovery capabilities