by october of this year. together with the cybersecurity experts of the other central banks we are, moreover, continuously monitoring the current global threat level and regularly consult with each other to initiate any countermeasures. and last but not least, we are constantly striving to optimise our detection and defence systems, as we take every attack that is launched against us very seriously. we urgently encourage other institutions, too, to exchange their knowledge and to liaise with each other at the national and international level on their critical infrastructures. 6. attack is the best form of defence ladies and gentlemen, attack is the best form of defence. at least, that ’ s what football pundits tell us. but our turf, the cyberworld, is a place of stealth and cunning, and this particular football adage doesn ’ t apply. indeed, the opposite approach is called for : protect yourselves against attack and make it security your goal. 6 / 7 bis central bankers'speeches establish a company - wide security culture. continue to adapt to the changing and ever - evolving threat situation. seek out security vulnerabilities in your company. optimise your risk management structure constantly. keep contingency plans and competence rules at the ready in case of a crisis. share information, thoughts and experience with each other. and please, always bear in mind : it security is not a product you can buy. it ’ s a process that has to be embraced. there ’ s no such thing as absolute security, we are not immune to attacks. but it is our job to prepare to the best of our ability for possible threats. another word of wisdom, yet again from the world of football, is the following : attack wins you games, defence wins you championships. so let ’ s make sure our defence is in good shape. thank you for your attention. 7 / 7 bis central bankers'speeches

joachim wuermeling : cybersecurity - pivotal for central banks keynote speech by prof joachim wuermeling, member of the executive board of the deutsche bundesbank, at the 2nd payments drift forum, euroforum, aschaffenburg, 7 september 2017. * * * 1. introduction ladies and gentlemen thank you for the opportunity to speak to you today. the payments drift forum is a wonderful platform for practitioners, politicians and officials. i highly appreciate the opportunity to address this group and to contribute to what looks like a very interesting and comprehensive two days of dialogue around current developments in the field of payments and banking operations. in his keynote address, winfried bausback just talked about an issue that is – and will continue to be – extremely relevant for the industry : cybercrime. let me use this opportunity to weigh in and address the issue of cyber security from a central banker ’ s standpoint. 2. there is no such thing as “ absolute security " when it comes to information technology there is no such thing as absolute security. the security expert gene spafford hit the nail on the head when he said, “ the only truly secure system is one that is powered off, cast in a block of concrete and sealed in a lead - lined room with armed guards ". just think of the incident at the central bank of bangladesh. in february 2016, 81 million us dollars was misappropriated, and the shock among all financial market players was painfully clear. this is understandable ; after all, the last german report on the protection of the constitution stated that cyberattacks bring annual losses of around €55 billion to the german economy. the cost to the global economy is supposedly €400 billion. more than half the businesses in germany ( 53 % ) have fallen prey to cyberattacks in the past two years. one in six businesses ( 17 % ) had sensitive digital data stolen during this period, with the attackers primarily getting their hands on e - mails ( 41 % ) or financial data ( 36 % ). these facts should be a reminder for german businesses to boost their cybersecurity. it goes without saying that these facts are also spurring us at bundesbank to ramp up our efforts in securing our own systems. our infrastructure being up and running is not only crucial for us as an institution, but it ’ s also critical for the financial system in germany and the euro area. let ’ s look at target