I refer to IT-related risks in particular. If we rely on computers and digitalised processes, we have to make sure that they are reliable and trustworthy. Sectorwide reputation and functionality are at stake. Nowadays, a customer’s personal payment information is stored not only at the bank but at a multitude of service providers and retailers as well.
How can a bank ensure the safety of its payment services against a cyber-attack on a retailer’s network or on that of a third-party vendor? Combined efforts should be seen as insurance. You never know who will be the next victim of an attack. And attacks don’t stop at borders, so cooperation of this kind is also needed at the global level.