These facts should be a reminder for German businesses to boost their cybersecurity. It goes without saying that these facts are also spurring us at Bundesbank to ramp up our efforts in securing our own systems.
Our infrastructure being up and running is not only crucial for us as an institution, but it’s also critical for the financial system in Germany and the Euro area. Let’s look at TARGET2 for instance, a wholesale payment system operated by Deutsche Bundesbank, Banca d’Italia and Banque de France. More than 1,000 banks all over Europe are directly connected.