The onus is therefore on banking supervisors to keep an even closer watch than they do now on the potential threats posed by cybercrime. And the central banks have a special responsibility to protect themselves from cyber risks, thereby safeguarding confidence in the financial system.
However, all firms interested in participating in the payment system will have to recognize explicitly the challenge of maintaining the existing system while building the new one. Lessons for public policy What are some of the lessons for public policy that we have learned from our experience with electronic payments since the 1960s?