The first is that a more developed financial system is the basis for economic growth. However, our reform efforts should not be aimed at the mere size and growth of the financial sector. Instead, we must ensure that the financial sector fulfils its intermediation role and processes information efficiently.
I will then share some of the insights gained from the ECB’s key initiatives on cyber risk. Trends in the financial sector We see a number of trends in the financial sector related to cyber risk: First, the close interconnection and complexity of the financial system creates vulnerabilities which can be exploited by cyber attackers.