individual is authorized to initiate a payment. new approaches to authentication increasingly offer greater assurance and protection. given the current technologies that we have at our disposal, we should assess the continued use of signatures as a means of authenticating card transactions. it is important to layer security tools and procedures. methods to devalue payment data, like tokenization and encryption for data at rest, in use, and in transit, mitigate the effect of a data breach. analytics can identify and prevent fraudulent transactions. firewalls and segmentation of technology supporting critical functions can protect networks from outside attacks. also, remember that people inside your organization and organizations that you work with can pose a significant risk. one study found that more than 20 percent of security incidents could be attributed to insiders. 4 segregation of duties, background checks, and monitoring for anomalies help reduce the risk of insider threats. strong vendor - management programs can reduce risks from an institution ’ s partners and service providers. 3. planning as crucial as they are, we should keep in mind that these prevention tools cannot stand alone. even with stronger authentication methods, robust network security, and other approaches in place, preventive measures aren ’ t sufficient to manage security risks. such measures are designed to protect against known risks. but those looking to exploit the system will continue to devise new methods of attack. in some of the recent high - profile data breaches, companies have scrambled to deal with the aftermath. this brings me to my third point. we need a comprehensive way to think about planning. the national institute of standards and technology ’ s cybersecurity framework is one of many voluntary cybersecurity frameworks that provide a holistic, risk - based approach to planning. 5 in addition to preventive measures, the framework identifies four additional core functions : identify, detect, respond, and recover. we can apply these four functions to securing the payment system. an important first step is to identify internal business processes and assets, as well as external threats. you can ’ t protect yourself unless you understand how your business is structured. this sounds simple enough, but an organization ’ s computer systems are often unexpectedly interconnected. some of the largest point - of - sale data breaches, for example, originate outside payment card systems. 6 you should also keep up to date on cyber developments and gather information about threats from information sharing forums, including fs - isac, us - cert, and the fbi ’ s infra

merit careful reflections. the ecb will support the developments of policy solutions at european level also giving its contribution to the commission ’ s consultation. iv. how to enhance the monitoring of repo and securities financing markets i would like now to focus on enhancing the monitoring of the repo markets. this market is largely an otc market where rates and volumes are difficult to observe in real time with the implication that there is no comprehensive source of information in europe. there are some important trading platforms where operations of short - term and more standard maturity take place, which can provide us some useful information. however, significant limitations or shortfalls do exist as regards existing data sets. first, market data are not timely and hardly comparable. the icma survey is conducted every 6 months, the ecb money market survey every year and the ecb money market study biannually. timelier sources of data are available among others from ccps or from trading platforms e. g. eurex repo euro market, icap brokertec or mts. as regards the ecb money market survey, there will be a pilot phase with a limited panel of banks to have a quarterly review. however, most data refers mostly or exclusively to the interbank market. second, there are significant limitations as regards data stemming from market infrastructures. data are fragmented and not complete, and are also not easily retrievable for analytical purposes5. finally, there are no statistical sources available as regards the repo and securities financing markets. one recent initiative will be of some help, notably the global initiative coordinated by the committee on the global financial system ( cgfs ) and by the ecb, together with other central banks of the eurosystem, which plans to launch a qualitative quarterly survey on credit terms and conditions in euro - denominated securities financing and over - the - counter ( otc ) derivatives markets. this survey is driven in particular by a need to monitor developments in securities financing, i. e. lending collateralised by securities, and otc derivatives markets, as well as in shadow banking more generally. the survey will provide information about changes in credit terms applied by the largest banks for lending against euro - denominated security collateral and for otc derivatives transactions with key counterparty types, as well as about main reasons behind the changes in those terms. this makes it a valuable monitoring and potentially early warning tool to support risk surveillance work and the risk identification process. first, available