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Ladies and Gentlemen,
First, I would like to thank the moderators and the panelists for their very rich
comments and the very useful ideas. We are all convinced that cybersecurity
of the financial sector will remain on our agenda for a long time. The challenge
is no longer about gaining awareness anymore, but to find ways to intensify
and rationalise our action.
Based on the discussions today, let me start with one pre-requisite –
coordination - and then propose concrete steps and tangible actions to
improve our coordination in three areas: I. Regulation and supervision; II.
Information; III. Preparation.
A. Global threats, coordinated action
Panel 1 questioned the importance of cyber threats for the financial sector.
There is a consensus that the level of cyber threats has never been so high,
but at the same time, we must acknowledge that the capacity to anticipate
attacks needs to be reinforced. Following an attack, we need to address the
potential contagion issues to the entire financial system or the entire economy.
This is why coordination is a pre-requisite, not an easy one but a necessary
one. While remaining realistic, there will not be a “world organization for
cybersecurity” for obvious reasons, including trust. Hence, coordination
should be cross-jurisdictional. Contagion can be global as our countries'
financial systems are interconnected. This follows President Macron's call for
an "Internet of Trust" at the UNESCO Forum in November 2018, which
includes helping low-income countries to keep pace with developed countries.
The IMF and the World Bank are encouraged to further develop their
assistance program. In addition, coordination should be cross-sectors. The
financial sector is not the only one concerned with cyber-attacks. Other critical
sectors are also at risk, some of which are essential to the functioning of the
financial sector. This reinforces the importance of a cross-sectoral approach.
National security agencies use this approach, and financial sector authorities