FT: These changes that you alluded to were driven by the private sector almost in the absence of clear efforts by the political class… JCT: I wouldn’t say “almost nothing”.
As technology evolves and is more widely embraced and become more  7  World Economic Forum (WEF). 2017. ‘Balancing financial stability, innovation, and economic growth’. Available at http://www3.weforum.org/docs/IP/2017/FS/WEF_Whitepaper_FSIEG.pdf. Page 5 of 9  accessible, criminal activity is rapidly expanding to the cyber-world. The source of this threat vector is both privately and state-sponsored - the latter is far more difficult to counter.