The digitisation of money and payments enable citizens and businesses to make transactions faster at a lower cost for society. However, the digitisation of money also involves a new kind of vulnerability as it relies on complex IT systems. I am certain that we are past the point where cash is an effective backstop should electronic payment systems break down.
This makes cyber security an extremely important task. In general, digitisation is a double-edged sword. The digitized world has produced a number of advantages for the financial sector and society as a whole, but the increasing dependence on computers has also created a new threat in the form of cyber-attacks.