While this may often be due to “short termism” (as IT projects often pay out only in the mid- or long term), it can also be caused by underestimating their value. 2/6  BIS central bankers' speeches  Let me now turn to a second bias of top management, namely underrating IT and cyber risks.
While the motivations may be noble, we have created an environment where “it is all about the Fed.” Market participants focus entirely too much on how the central bank may tweak its policy, and central bankers have become too sensitive and desirous of managing prices in the financial world. I do not see this as a healthy symbiotic relationship for the long term.