mercoledì 28 giugno 2017

Cyber resilience – A banking supervisor’s view

Cyber resilience – A banking supervisor’s view
This week I learnt that the first computer virus dates back to 1971. It spread via the ARPANET, which was a precursor of today’s internet. The ARPANET connected about two dozen universities and government hosts in the United States. The virus had been written for experimental purposes and was not malicious. It just displayed a simple message on infected computers: “I’m the creeper: catch me if you can”.
Things are a bit more complex today, and the outcome of cyber incidents much worse: they can disrupt business, cost a lot of money and destroy reputations. And indeed, the potential for damage is great, as so much relies on IT and so much happens online – the financial sector is a case in point. As you all know, banks have always been attractive targets for criminals.
Although the damage has been limited so far, we banking supervisors take cyber risk very seriously. And we insist on banks doing the same. (...)

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