Work is ongoing as part of our contribution to the work programme of the European Banking Authority, the EBA. We have conducted quite a few on-site inspections into IT and cyber risks, using state-ofthe-art methods. Looking ahead, our aim would be to have such inspections every three or four years for large banks. We have set up a reporting framework for cyber incidents.
The incidence of fraud points to bad faith on the part of owners and managers who exploit their banks for dishonest personal gain. Failure on the part of individual banks, if allowed to continue, will undermine trust to the banking system. Another matter of fundamental importance and calling for urgent attention is the issue of integrity at all levels, including bank employees.