This brings me to the third point I mentioned at the beginning of my remarks – the need to make our current systems safer against the rising number of cyberattacks. Cyber incidents are becoming much more frequent and increasingly sophisticated – to the point that they now pose a critical threat to market infrastructures and the entire financial ecosystem.
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.