for fmis and overseers alike, the croe sets out three levels of increasingly demanding expectations, tailored to the size of the fmi. to complement the croe, the ecb has also developed another tool : the european threat intelligence based ethical red team testing framework ( tiber - eu ). by means of “ ethical hacking ”, red teaming helps to assess a financial institution ’ s ability to withstand a cyber - attack. tiber - eu serves to guide authorities and financial institutions in conducting threat - intelligence based red teaming, and to avoid duplication through the emergence of similar pan - european tests. but testing the resilience of individual fmis or banks may not be sufficient. the financial system is highly interconnected and any cyber - attack could thus trigger contagion. this is why the ecb hosted a market - wide crisis communication exercise, unitas, in june 2018. unitas facilitated a discussion among pan - european financial infrastructures on a scenario in which a cyberattack resulted in a loss of data integrity and a knock - on effect on other financial infrastructures. the exercise revealed that there were weaknesses at the european level, which are now being followed - up on by the euro cyber resilience board for pan - european financial infrastructures, or ecrb for short. this brings me to the third pillar of our strategy, which seeks to foster strategic engagement between regulators and industry. the ecrb was established in 2018 with the aim of facilitating trust and collaboration among fmis and authorities and encouraging joint initiatives. moving on to banking supervision, the ecb banking supervision has addressed it and cyber risk from various angles. first, we have been conducting thematic reviews since 2015 on the topic in the banks that we directly supervise. these gave us a more detailed understanding of the scope of the problem. moreover, the latest horizontal analysis of it risk conducted in 2018 has revealed deficiencies in it security risk management at several banks. for instance, banks ’ general risk management frameworks sometimes fail to specifically include it risk. a significant number of banks have 2 / 3 bis central bankers'speeches critical processes that depend on systems which are close to, or have already reached, their end of life. this, in turn, makes them more vulnerable to cyber threats. we also see a failure to rapidly address critical findings in the area of it security. in addition, it outsourcing is increasing, and many supervised institutions outsource their it to a single provider. a classic case

prasarn trairatvorakul : the asean economic community ’ s impact on the greater mekong subregion ’ s economies keynote address by dr prasarn trairatvorakul, governor of the bank of thailand, at the euromoney conference “ the greater mekong investment forum ”, bangkok, 12 june 2014. * * * excellencies, honorable speakers, distinguished guests, ladies and gentlemen, 1. it is an honor for me to be back here at the euromoney greater mekong subregion investment forum. let me thank the organizers for inviting me to speak at such a distinguished forum once again. this conference takes place at an important juncture as we are on the eve of the asean economic community which will be launched at the end of next year. my remarks today will focus on how the aec will have meaningful impacts on the gms economies. also, i will share with you some thoughts on how we can overcome challenges to capitalize on the region ’ s growth and prosperity. 2. the gms has become one of the most vibrant regions in the world, transforming itself into a new investment frontier. the global attention on this region is reflected in the large inflows of foreign direct investment, which have increased dramatically in the past two decades. according to world bank statistics, the fdi inflows to the clmv countries over this period increased forty - fold to around 13 billion dollars in 2012. 1 this wealth of investment opportunity has been underpinned by the smooth transition to market - based economies, the rich and diverse resources as well as the improvement of intra - regional logistics. 3. most importantly, we are in an exciting time for the gms when the aec draws closer. as most gms countries are members of the aec, the gms will significantly benefit from the growth opportunities of the aec in the coming years. 4. with integrated markets being forged under the aec, this will greatly benefit the gms through a more interconnected production base. let me give you three key examples where i see this will materialize : 5. first, on the tariff reductions. much has already been completed here, with the group of asean - 6 countries, 2 including thailand, having already removed tariffs for almost all of our products since 2010. the plan according to the aec blueprint, will see clmv countries ’ tariffs being removed by 2015. the benefits will of course multiply throughout production