At the end of that process, for the code to be effective and for it to achieve what we want it to achieve, it will need to be accepted and endorsed by the FXCs and market participants more generally. That said, the process does not really end, because as the foreign exchange market continues to evolve, the Code will need to evolve with it.
Although ransomware impacts financial institutions of all sizes, it disproportionately impacts smaller banks that may not have sufficient resources to protect against these attacks.2 Ransomware is often delivered through phishing emails or through the unauthorized installation of malicious programs onto an organization's systems, known as "drive-bydownloads."