It will expose the likely future cost of doing business, of paying for emissions, and of tighter regulation. It will help smooth price adjustments as opinions change, rather than concentrating in a climate “Minsky moment”. And it will allow feedback between the market and policymaking, making climate policy a bit more like monetary policy, with policymakers learning from markets’ reactions, and markets internalising policymakers’ objectives, strategies and instruments. 30  See: https://www.bnymellon.com/us/en/newsroom/news/press-releases/bny-mellon-debuts-service-to-evaluate-environmental-socialand-governance-factors-in-investment-performance-03-19-2019-newsid-13.jsp See: https://www.ubs.com/global/en/ubs-news/r-news-display-ndp/en-20190121-wef.html 32 See: https://www.ishares.com/us/strategies/sustainable-investing#esg 31  11  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  11  In this way, recent progress in disclosure, risk management and return optimisation is creating a path to a New Horizon. A virtuous circle is becoming possible where companies disclose more information, investors make better informed decisions, and sustainable investment goes mainstream. But the speed with which this market develops will be heavily influenced by the coherence and credibility of climate policies. Finance will complement - and potentially amplify – but never substitute for climate policy action. The policy frameworks with the greatest impact will be: time consistent (not arbitrarily changed); transparent (with clear targets, pricing and costing); and committed (through treaties, nationally determined contributions (NDCs), domestic legislation and consensus). As countries build their track records and their credibility grows, the market will allocate capital to deliver the necessary innovation and growth and pull forward the adjustment to a low carbon future.

Rather than taking a “check the box” approach, organisations should implement an integrated and cross-discipline effort in order to adopt an enterprise-wide program of cyber risk management that is tailored to business objectives, while also maintaining a tolerable level of risk. By taking an integrated approach to the broad objectives of cybersecurity management, organizations can achieve these business and security-focused goals, while also achieving regulatory compliance in an effective and efficient manner. Ultimately, cyber resilience which is the ability to defend, respond to, and recover from a breach, should be the end goal for organisations. Although compliance is rightly prioritized in the highly regulated financial services industry, being compliant should be viewed as a result of having good security practices rather than as a check-the-box exercise that is expected to guarantee security. The focus should be shifted toward conducting good cyber due diligence and assessments, implementing proper detection controls, having effectively enforced third-party risk and insider risk programs and conducting testing such as red teaming in order to simulate the organisation’s response in the event of a serious attack. If such practices are implemented, organisations can stay ahead of industry regulations and embrace innovation, because their response to any new cybersecurity requirement is less likely to demand a dramatic overhaul of their current program. The world today is remarkably different from the world we were living 20 years ago. The world is fast converging in aspirations and ideals because of globalization and technology, and with that comes different risks.