Cyber criminals and hackers often probe for and target the weakest links in the system to gain access to the critical IT assets. Within an FI, the weak links could also manifest in the carelessness or lack of cyber-security awareness by individuals or lax processes, on top of vulnerabilities in adopted technology systems. 1  http://www.csoonline.com/article/3054570/security/symantec-zero-days-doubled-in-2015-more-companieshiding-breach-data.html. 2  http://www.pwc.com/gx/en/issues/cyber-security/information-security-survey.html. BIS central bankers’ speeches  3  18. Banks therefore need to take a holistic approach to address cyber risk. A system of cyber-intelligence exchange to identify potential vulnerabilities and frequent testing of the robustness of cyber defences are key to this effort. 19. MAS has been working closely with the ABS in both of these areas. The ABS Standing Committee on Cyber Security (ABS SCCS) was created to raise overall cyber awareness, to share cyber intelligence and build resilience among financial institutions. 20. Some of the recent initiatives which MAS has collaborated closely with the ABS SCCS include: •  ABS Penetration Testing Guidelines. These set out the industry best practices for the conduct of penetration testing. The results of members’ penetration tests have been shared with the ABS SCCS members to engender collective learning. •  Cyber intelligence and information sharing through various channels, such as the global Financial Services Information Sharing and Analysis Centre. Given the interconnectedness of the financial eco-system, such information sharing is critical. Enhancing risk management in outsourcing arrangements 21. The third topic is Risk Management of Outsourcing Arrangements.

Gent Sejko: Aiming for a secure financial system and the key role of deposit insurers Welcome address by Mr Gent Sejko, Governor of the Bank of Albania, at the IADI's ERC Regional Committee Meeting, Tirana, 4 April 2019. * * * Dear ladies and gentlemen, Dear Mr Boccuzzi, Dear Guests, Good morning and thank you for giving me the opportunity to warmly welcome you all to Tirana and the Bank of Albania and address this international gathering. It is a particular pleasure to have you here at the premises of the Bank of Albania today and to host the meeting of the Europe Regional Committee (ERC) of the International Association of Deposit Insurers (IADI). After this opening meeting, the agenda will then continue with the Technical Assistance Workshop for the rest of today and tomorrow. I hope you will enjoy it and, most importantly, hold interesting and constructive discussions. I take this opportunity to thank the International Association of Deposit Insurers (IADI) and the Albanian Deposit Insurance Agency (ADIA), who have made it possible for this event to be held in Tirana. Throughout the development of ADIA, IADI’s contribution and input has been undeniable in setting standards. In this regard, IADI has played an important role as a forum for deposit insurers from around the world to gather and share knowledge and expertise. The IADI has also provided intensive training and educational programs and has produced research and guidance on matters related to deposit insurance.