aim of restoring the financial position of our insurance sector. cbk as regulator and supervisor has successfully addressed serval challenges while implementing prudent measures to resolve those issues and make sure that the sector perform according to the rules and protect the policyholders or beneficiaries and victims. taking into consideration all the important measures we have undertaken, including the strengthening of our regulatory framework, these efforts have paved the way for further growth and sustainability, and an increase of the consumer confidence. we are committed to advancing the regulatory and supervisory framework of the insurance industry in line with eu standards and best practices. we have received the roadmap for solvency ii from the world bank, which is an ambitious, challenging, and demanding project. this means we are gradually transitioning from purely compliance - based supervision to prudential risk - based supervision. this transition also involves the introduction of a risk - based supervision manual, with support from the imf. we have received also the roadmap for the ifrs 17. the implementation of the solvency ii and the ifrs 17 in our regional countries can certainly be a significant challenge, for which we will have the support of the world bank. we are working on enhancing the supervision of market conduct among our financial institutions by ensuring the cbk has adequate powers and resources to implement effective oversight. recently, we established the consumer protection department to improve support for financial consumers. within this department, we have created a dedicated division focused on market conduct. in our sector and in the most jurisdictions in the region, motor third party liability ( mtpl ) continues to play a dominant role in the insurance market. while mtpl is essential to provide basic cover and protect consumers from liabilities arising from the use of vehicles, as regulators we recognise the importance of diversifying the insurance portfolio to enhance overall financial stability. we are therefore committed to increasing the share of voluntary non - life and life insurance products. currently, kosovo is the only european country not a member of the green card system, despite our ongoing efforts to gain membership. therefore, our insurers cannot issue green cards and vehicles from most european countries entering kosovo must purchase border mtpl at the frontier for their stay. although kosovo officially applied to join the green card system, this application was unsuccessful. while progress has been made in meeting many criteria for membership, council of bureaux membership remains the step to be achieved. addressing this issue is important for improving cross - 2 / 3 bis - central bankers'speeches border

benoit cœure : cyber resilience for pan - european financial market infrastructures introductory remarks by mr benoit cœure, member of the executive board of the european central bank, at the high - level meeting on cyber resilience, frankfurt am main, 19 june 2017. * * * introduction it is a pleasure to welcome you here today to this strategic high - level meeting on cyber resilience for pan - european financial market infrastructures. the aim of bringing together high - level representatives from large european market infrastructures, critical service providers and public authorities is threefold : first we would like to gain a deeper understanding of the cyber threat landscape in europe. the european union agency for network and information security ( enisa ) will make a presentation on the cyber threat landscape and its relevance for the financial sector. second, we will share with you the eurosystem ’ s cyber strategy for financial market infrastructures and also explain ecb banking supervision ’ s approach to the issue of bank cyber resilience. third, we would like to hear your views on how we can all collaborate in a trusted environment to enhance the cyber resilience of financial market infrastructures. more specifically, we would like to assess with you how much interest there is in creating a highlevel cyber resilience forum for pan - european financial market infrastructures, critical service providers and competent authorities. before we start, let me briefly set the scene. the evolving cyber threat landscape in europe besides the undeniable advantages of information and communication technology, the increase in users and data on digital platforms, in cloud computing and across networks has also created greater opportunities for cybercrime. there are a variety of agents involved : criminals, hacktivists or nation states. they may have different motives : financial gain, espionage, disruption and destabilisation. but what they all have in common is that they are steadily increasing their level of sophistication and exploring ways of attacking. a sound operational risk management and it security framework are the first line of defence. but resilience to cyberattacks means more than that. unlike critical failures, the likelihood of cyberattacks cannot be mitigated. a paradigm shift is necessary. we have to accept that cyberattacks are inevitable and that attackers are persistent. consequently, we have to establish how – in case of persistent attacks – we prioritise our operations and resources, protect our key assets and restore functionalities. cyber resili