The cyber underworld is not short of people conversant with the art and craft of digital criminality. The financial sector is an appealing target for cybercriminals, the more so given that they can access the core systems of financial institutions even from far removed places in the world. Payment systems are increasingly relying on sophisticated IT platforms for clearing and settlements.
Systemic risks are very much present, with potential loss of confidence of the public at large should anything go wrong with the payment systems. These risks do pose a genuine threat to the very foundation of a financial institution and to financial stability in general. Regulatory and supervisory authorities worldwide have taken measures to address cyber risks. But they are never adequate.