are closely interconnected via payment and settlement systems handling large values. moreover, the financial institutions use the same data centres, network service providers, etc. consequently, it is important that all key links in the chain are very strong. page 3 of 5 the danish financial supervisory authority and danmarks nationalbank have examined the cyber resilience of 15 of the largest and most important financial sector participants. although a survey of this type is subject to certain caveats, our conclusion is that, overall, cyber resilience is at a reasonable level – but there is room for improvement. the risk of unauthorised access to or sabotage of important it systems calls for it security measures that perhaps received little attention previously. traditionally focus has been on severed cables, power outages or software errors. we still need to take these factors into account, but cybercrime poses new questions and requires new answers. it is important to remember that attacks to computer systems are not unintentional. there are criminal minds at work, and they are constantly fine - tuning their methods. so the threats are changing all the time. this means that an attack may actually be difficult to detect in time. our survey shows that the individual sector participants are working with these challenges, but it also shows that the highest levels of security and protection against cyberattacks have generally been achieved by organisations with a cyber strategy which has been approved by the board of directors. in other words, a strategy laid down by top management has helped to ensure focus on these issues throughout the organisation and to target efforts. interconnectedness and the resultant interdependence between virtually all sector participants mean that information - sharing and collaboration are essential if we are to stem the tide of attacks that will undoubtedly come in the future. first and foremost, i would like to emphasise that collaboration is necessary – especially in situations where there is a potential threat to financial stability. that is why we have established the fsor – the financial sector forum for operational resilience. page 4 of 5 the fsor is a forum for collaboration between authorities and all key financial sector participants [ chart 5 ]. its task is to implement " joint measures to ensure financial sector resilience ". the focus is on preventing failures, but also on handling them if they, nevertheless, occur. the ambitious vision for this collaboration is that we should be best in class in europe when it comes to counter the threat from cybercrime. the first specific initiative was the

large - scale test of the financial sector's crisis response plans conducted the week before last. it really put the sector's ability to work together and coordinate efforts in the event of an extensive cyberattack on critical systems to the test. it was an educational experience. we all learned a few lessons and came home with knowledge that we can use in our further efforts. and fortunately it was only a test. but if it becomes necessary, we are ready. it is better to activate the crisis response one time too many than one time too few. one of danmarks nationalbank's tasks is to ensure that the danish economy is robust. an important element of a robust economy is a financial sector with a robust infrastructure. there is more work to do for the whole sector, but focus must be on the efforts made by the individual sector participants. thank you for your attention. page 5 of 5