Such an access could foster competition and innovation in the payment industry but would obviously multiply the risks of cyber-attacks. In addition, there is a need to strike the right balance between the requirement to adequately prevent and address the cyber threats and the need for financial players to implement solutions that are economically viable. For instance, implementing a dual contingency software may be an efficient answer to some cyber attacks but does not go without costs. Finally, cyber-security is also a global issue: for a more effective response, it is necessary to establish cooperation at an international level and across sectors, well beyond the financial sector. In that perspective, initiatives from the Financial Stability Oversight Council (FSOC) in the US to improve cooperation between sectors, particularly those dependent on the financial sector, such as the utilities or telecommunications sectors, or the establishment of European Network and Information Security Agency are much welcomed. II. Against that background, understanding the threats, organizing protection and prevention as well as the coordination of the private and public actions are prerequisites for effectively fighting cybercrime. The aim of today’s seminar is to reflect collectively on this and to share experience. The first important step is to understand why the financial sector is a popular target of hacker attacks. That’s one of the objectives of the first panel of distinguished speakers. They will attempt to answer such questions as: What are the factors making the financial sector a privileged target for cybercrime? How to identify and quantify cyber-attacks?

Have financial institutions taken structural and technological efficient steps to improve their cyber defense? Is cyber-crime insurance effective and how is it pricing the risk? What type of public communication to we need to fight those new threats? We expect such important questions to be addressed in this context. Besides, overseers and supervisors should ensure that at an individual level, risk management is efficient. A normative framework has been established set up by European institutions to fight cybercrime and ensure the robustness of the financial markets (in particular through the adoption by the European Parliament of the Network Information Security directive); a BIS committee, the CPSS, is currently reflecting on cybersecurity for market infrastructures. Two prominent speakers will share their views on whether the existing regulatory framework provides sufficient guarantee against cybercrime. Lastly, as a central bank it is of utmost importance to make sure that the marketplace is resilient when facing cyber-threats. The purpose of the last roundtable should be to assess to what extent financial centers resilience should evolve under the influence of cybercrime threats: do increasing cross border interdependencies between financial centers (use of common market infrastructures, existence of international financial actors and cross border providers) call for an international approach? Should a multi-sectorial approach also be worth reflecting on as reliance on common service providers (such as telecoms) create a large community of interest when cyber-security is at stake?