9 Thirty-seven states have cut per-student funding for higher education more than 20 percent since the 2007–08 academic year, when the recession began. Since the outset of the recession, the annual published tuition at four-year public colleges increased 24 percent, after adjusting for inflation, during a period when real median incomes declined 8 percent.
This has happened at the SARB and other central banks. Executives should no longer ignore the importance of the national payment system and its infrastructure, or the risks and threats (e.g. that of cybersecurity) in this environment.