A draft Guideline on Cyber and Technology Risk Management has been issued to all banks for consultation and is currently being finalised. I am aware that the road to digitalization also entails recourse to third party service providers.
This could result in a risk of concentration in the market for the provision of third-party services to banks as they tend to rely very heavily on the services of few providers for their technology-related outsourcing. Such heavy reliance on a few players across the market could contribute to systemic risk.