Uppermost are concerns about the vulnerability of payment systems to cyber-attacks and risks associated with the involvement of new non-traditional players. A recent example of cyber-attack was at JP Morgan, America’s largest bank, in August of this year, where it is reported that 76 million household files were compromised by Russian hackers.
Perhaps more concerning was the report that the attack was through a third-party website and that it took two months to discover the problem. BIS central bankers’ speeches  3  Such incidents highlight the reliance that we now have on technology and what can happen when that technology fails.