. this is exactly why, more and more often, additional safety features are used – like facial recognition or fingerprints. but the answer to diminishing the weak link in cyber security – which is us, humans – might not be to take away meaning, but, on the contrary, to build on it. today, the complexity people have to deal with is increasing sharply, just like the complexity of the financial landscape ; the number of third parties is increasing, just like the interconnectedness and the dependency ; the complexity of cyber threats is increasing, just like the measures to prevent them ; and it is hard to predict when or where the next cyberattack will hit, but chances are that it will have to do with a human error. and so, it is all the more important that people, in all layers of an organisation, know the why of it all. why they need to follow certain processes and procedures. why they should preferably use meaningless passwords. why they need to protect themselves – and with that, their colleagues, their institutions, and the whole financial system. here lies a great responsibility for financial institutions – the responsibility of giving meaning. but one thing seems clear – cyber resilience should definitely not lead a secret life. it should very much lead a human life. 4 / 5 bis - central bankers'speeches thank you. 1 ian urbina 2014, the secret life of passwords, the new york times, accessed on 24 january 2023, < the secret life of passwords - the new york times ( nytimes. com ) >. 2 world economic forum 2022, the global risks report 2022 ( p. 45 - 56 ), world economic, accessed 24 january 2023, 5 / 5 bis - central bankers'speeches

to ensure it is future - ready. as i have said before, " the code is a cornerstone of consumer protection in financial services in ireland, establishing a set of rules and expectations for how firms should treat their customers and has allowed the central bank to intervene to protect consumers. " the changes we have proposed build on the existing code, reflecting the provision of financial services in a digital world. 1 / 3 bis - central bankers'speeches we have had very active and important engagement with stakeholders on the code, with feedback coming through from across industry, civil society and other government agencies and regulators, as well as from the minister for finance. the feedback we have received has been broadly positive with many stakeholders welcoming the proposals. we are aiming to publish the revised code early in the new year. when implemented, consumers will benefit from a package of protections that reflect how they are accessing financial services today. regulated firms will benefit from a clearer articulation of their code obligations. as you know, we are also making changes to our supervisory model, which we will begin to implement in january. the new model remains risk - based, but is evolving to deliver a more integrated approach drawing on all elements of our mandate ( consumer and investor protection, safety and soundness, financial stability and integrity of the system ). this enhanced approach is based on accumulated experience, on insight, on best practice and is built for a faster moving and more complex financial services sector. firms will hear one consistent voice from the bank, with more coordinated messaging and more streamlined demands across the full span of our regulatory and supervisory mandate. we will promote a more open and transparent supervisory approach. to enable and implement our new supervisory framework we need the right operational approach and organisational structure. we are moving to an organisational structure where our regulatory and supervisory directorates will have teams responsible for integrated supervision across all our regulatory outcomes. importantly, our supervisory model will place consumer protection at the heart of day - today supervision. it will position us better as an organisation to meet our objectives to ensure consumers of financial services are protected in this changing financial landscape, as highlighted by the oecd report. this is why this review by the oecd is so important, as it provides us with recommendations and insights that will support our ambition to transform and will be incorporated into our transformed supervisory approach. the oecd's assessment that the central bank is operating in line with the high level principles is very positive. we also welcome the recommendations on how