We have also expounded upon new realities in endpoint security, borne of painful experience, in which endpoint breaches can have serious implications for public confidence in the integrity of a network as a whole, even in circumstances when an operator’s infrastructure, applications, and security perimeter have not been compromised. Historically, market infrastructures have operated on the presumption that endpoint security is principally the responsibility of the endpoint, and infrastructure security is principally the responsibility of the operator. In the present threat environment, that bifurcation in responsibility is no longer so clear: the fates of operator and 1/5  BIS central bankers' speeches  endpoint are inextricably linked. The Wholesale Product Office’s efforts to strengthen resiliency and enhance endpoint security remain a consuming preoccupation, inspired meaningfully by international policy guidance promulgated by the Committee on Payment and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO). I want to commend our colleagues in the policy realm for their clarion call and practical guidance which have goaded the industry to action across both of these critical fronts and resulted in demonstrable progress. Rather than provide mere updates on the status of our local resiliency and security initiatives in response to this charge, which have been the focal point of prior remarks, I hope instead to frame a few forward oriented, even provocative, questions to advance the industry discourse and to consider measures to meet the present challenge.
Richard Dzina: Four questions on the state of cyber resilience and endpoint security Remarks by Mr Richard Dzina, Executive Vice President of the Financial Services Group of the Federal Reserve Bank of New York, at the Clearing House and Bank Policy Institute's 2018 Annual Conference, New York City, 26 November 2018. * * * As prepared for delivery I want to thank The Clearing House for this generous invitation and, especially, for assembling such a compelling and topical program. The relationship between The Clearing House and the Federal Reserve is multi-faceted: across one plane competitor, as CHIPS and the Fedwire Funds Service, and EPN and FedACH, vie for volume across common service lines; across another plane collaborator, as peer infrastructures seeking to maximize the value and minimize the disruption to customers in response to common industry initiatives, with our coordinated plans for adoption of ISO 20022 standard message formats representing a cardinal example; and across a final plane as overseer and overseen. When it comes to the resiliency and security of our infrastructures, however, there is no ambiguity in role or relationship: we rise, or fall, as one. Standing before an audience like this never fails to elicit a visceral sense of accountability. When the subject is the resiliency and security of the foundational elements of our nation’s financial system, on which market function and economic vitality ultimately depend, that sense of accountability resonates even more keenly.