lautenschlager, who will make some introductory remarks from the supervisory perspective. after that, i would like to invite the european commission representative to briefly introduce the very recently published “ fintech action plan ”, which presents some interesting points to be considered with regard to the cyber resilience of the financial sector. thank you. 1 committee on payments and market infrastructures and international organization of securities commissions ( cpmi - iosco ) guidance on cyber resilience for at : www. iosco. org / library / pubdocs / pdf / ioscopd535. pdf financial market infrastructures, available 2 available at : www. mef. gov. it / inevidenza / documenti / pra _ bcv _ 4728453 _ v _ 1 _ g7 _ fundamental. pdf 2 / 2 bis central bankers'speeches

benoit cœure : a euro cyber resilience board for pan - european financial infrastructures introductory remarks by mr benoit cœure, member of the executive board of the european central bank, at the first meeting of the euro cyber resilience board for pan - european financial infrastructures, frankfurt am main, 9 march 2018. * * * it is a pleasure to welcome you back to frankfurt. our last meeting was in june last year. today, we will discuss the future course of the high - level cyber resilience forum for pan - european financial market infrastructures, critical service providers and competent authorities. establishment of the euro cyber resilience board for pan - european financial infrastructures recent technological advances have enabled cybercriminals to conduct ever more sophisticated, precise and powerful attacks. and nobody is immune to cyber risks, including businesses, financial infrastructures and public administrations. so we should avoid a “ blame and shame ” culture and work together. the ecb and the eurosystem are striving to lead by example. at the ecb, overseers, operators, supervisors and it security services are working together more closely on cyber issues. within the eurosystem, there has been close collaboration on implementing the eurosystem oversight cyber resilience strategy for financial market infrastructures that we presented at our last meeting, in line with cpmi - iosco ’ s guidance on this topic. 1 the market infrastructure board, which is in charge of eurosystem financial market infrastructures, has also scaled up its activities to ensure the continued cyber resilience of its systems and platforms. eurosystem initiatives are part of a growing international effort to combat cyber threats. the cpmi - iosco guidance is being implemented. in october 2017, the financial stability board ( fsb ) delivered a stocktake report of relevant regulations and supervisory practices to g20 finance ministers and governors, and g7 ministers and governors published the “ fundamental elements for effective assessment of cybersecurity in the financial sector ”. 2 the fsb will produce a common lexicon of important terms, while the g7 cyber expert group continues to work on third - party risks, cross - sector coordination and threat - led penetration testing, and will make proposals for g7 cross - border cyber crisis simulation exercises. in this context, the eurosystem aims at coordinating its own activities in the field of cyber risks with that of market participants and other public authorities to succeed in protecting the financial system