2  Where does the global economy stand? The financial crisis caused very serious disruptions on the financial markets after the collapse of Lehman Brothers, and only far-reaching interventions by governments and central banks worldwide prevented a collapse of the whole financial system. Despite this coordinated action, we entered the deepest global recession since the Second World War.
It is heartening to note that all banks have a well anointed set up in the CISO. As I mentioned earlier, criminals have become IT savvy; cyber attacks are becoming highly sophisticated, use specialized analytical techniques and exploit minute vulnerabilities which had hitherto gone unnoticed. Continued vigilance and concerted  BIS central bankers’ speeches  1  proactive protective actions are warranted.