Reforms proposed in the United States, Europe, and elsewhere are widely expected to encourage pension funds to be more fully funded and to take steps to better match the duration of their assets and liabilities. Together with the increased need of aging populations in the industrial countries to prepare for retirement, these changes may have increased the demand for longer-maturity securities.
Cyber risk is a danger which has the potential to trigger a systemic crisis.1 In financial terms, while the total costs of cyber incidents are hard to establish, industry estimates range from USD 45 billion to USD 654 billion for the global economy in 2018.2 According to some estimates, the average cost of cyber incidents had increased by 72% in the last five years3 and businesses will fall victim to a ransomware attack every 11 seconds by 20214.