To the extent that trust was slowly being restored in some parts of the banking system over the past few years, it was shattered by the recent revelations surrounding the LIBOR scandal, allegations of money laundering and the like. The restoration of trust So all in all, the state of the financial system in many parts of the world is not in good shape.
This is why the modernisation of our systems must go hand-in-hand with increasing their cyber resilience. Failure to adequately protect against cyberattacks may have far-reaching repercussions. Take wholesale payment systems as an example. A breakdown of these systems, even if only temporarily, would threaten financial stability, endanger the provision of liquidity by central banks and jeopardise the implementation of monetary policy.