I see commitment to this basic “blocking and tackling” as essential to financial institutions’ continuing to be competitive – and relevant – in the digital world. While the legacy issues need to be addressed in the near-term and quickly, we can’t hold off on addressing the vast number of issues around cyber – since cyber is upon us now. Information technology and cybersecurity The area where I will spend most of my time discussing today is cybersecurity. Suffice it to say that as I think about the kinds of risks that might cause the next crisis, cybersecurity is the one that worries me the most. While I will focus my remarks on the financial sector, my concern is not limited to the financial sector. This is much bigger than just banks or financial institutions; it includes many other sectors as well. As it relates to the financial industry in particular, the interconnectedness of firms continues to pose a particular risk to financial stability; from trading systems to settlement activities, we are at risk of a major disruption to financial stability. During the last financial crisis, we began to get a glimpse into the challenges faced as a result of interconnectedness and systemic failures. Years later, we are still faced with some of the same challenges, with only a limited view into the true complexities behind how firms are linked, connected, and ultimately intertwined to form the fabric of the financial industry.
Caleb M Fundanga: Growing investor confidence in Zambia’s economy Opening remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Afreximbank/PTA Bank Financing Agreements Signing Ceremony, Lusaka, 10 June 2008. *  *  *  • The President of AFREXIM Bank • The President of PTA Bank • Chief Executives and representatives of Financial Institutions Present • Distinguished ladies and gentlemen I am greatly honoured to be given an opportunity to make these brief remarks at this signing ceremony of two important financing agreements. I wish to extend a warm welcome to all of you gathered here today, particularly those who have travelled from outside the country. I hope that you will not only have a pleasant ceremony today but also have fruitful deliberations at the Euromoney Conferences starting tomorrow at this same venue. I also hope you will find time to explore the beautiful scenery and experience the warm hospitality that Zambia has to offer. Mr President, Ladies and Gentlemen, over the recent past, the Zambian economy has performed relatively well. This is reflected in the overall macroeconomic stability which has been underpinned by positive growth rates in real Gross Domestic Product, low inflation, relative stability in the exchange rate of the Kwacha against major currencies, stable financial sector and improved banking services. However, although incomes have generally increased, the challenge that still remains is that of meeting the basic needs of the majority of Zambians in order to uplift their living standards.