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.

As regards monthly growth in prices of non-food goods and services, it held close to or below 4% in annual terms in March-May. Fourth. We factored in that inflation expectations of households and businesses remain elevated against both the inflation target and the minimum levels reached in the opening months of 2018. Inflation expectations show mixed dynamics. Business price expectations continued to decline in April-May. Inflation expectations of households came in at 9.3-9.4% during this period. However, we expect that inflation decline to 4% will bring down inflation expectations of households and businesses. Analysts’ expectations remain anchored at the inflation target of close to 4%. Fifth. Monetary conditions are softening. This is driven by changing expectations of domestic and external financial market players. First, this is enabled by revised expectations as to the path of the Bank of Russia key rate; second, by an adjustment in expectations and yields in the external financial market against the background of changes in major central banks’ rhetoric – which I have mentioned. OFZ yields are declining in this environment, enabling a potential reduction in deposit and lending rates. Between April and May, a number of major banks revised downwards their interest rates on several deposit products; interest rates on mortgage loans were also beginning to trend down. Today’s decision to cut the key rate alongside the signal we have sent out will work to solidify these trends. Medium-term outlook. The outcome of OPEC+ negotiations remains uncertain.