But it is not only technological progress and innovation that increase cyber-risk; cyber-threats may also undermine innovation. It was James Comey, the former FBI2 Director, who said: “The diverse threats we face are increasingly cyber-based. Much of America’s most sensitive data is stored on computers. We are losing data, money, and ideas through cyber-intrusions.
This threatens innovation.”  It is thus essential that these kinds of risks are well understood and that all financial institutions and market infrastructures are secured against cyberattacks. The financial services industry should strive to have cybersecurity practices in place that are agile and responsive to emerging cyberspace activities and developments.