Cyber risk is a danger which has the potential to trigger a systemic crisis.1 In financial terms, while the total costs of cyber incidents are hard to establish, industry estimates range from USD 45 billion to USD 654 billion for the global economy in 2018.2 According to some estimates, the average cost of cyber incidents had increased by 72% in the last five years3 and businesses will fall victim to a ransomware attack every 11 seconds by 20214.
All of the financial infrastructures represented around the table today are at the forefront of providing safe and innovative solutions to the European market. Your collective activity and collaboration in this sphere of cyber resilience is critical for the financial stability of Europe. Given the unconventional nature of cyber risk, we need to be agile and sophisticated in our approach.