In the digital age, trust in banks is particularly synonymous with trust in IT. Hence, IT and cyber security remain one of the priorities for the Single Supervisory Mechanism in 2016. As financial supervisors, we therefore call on credit institutions explicitly to manage their IT and cyber risks just as diligently as they would the traditional risks in banking business.
For both objectives, first-order importance should be given to making sure the general public understands the mandate of the central bank, and trusts its commitment and ability to deliver on its mandate. There is ample evidence that this matters.