Setting minimum standards is crucial to avoid contagion and risks to the systems. Thus, cyber and operational security should be addressed through three layers: i) the owner(s) of the infrastructure(s); ii) the participants (setting minimum requirements to them); and, iii) the users.
Second, in putting one’s house in order, policy-makers need to be conscious of the cross-border spillover effects and the ensuing feedback effects on their own economies. Such elements in their totality will need to be internalized within the decision-making process. Such considerations will be important not only for macro-economic policy, but also macro- and micro-prudential policies.