right for the riksbank in recent years ) sunday column, dagens nyheter, 2 november. woodford, michael ( 2012 ), inflation targeting and financial stability. nber working paper no. 17967. yellen, janet l. ( 2014 ), monetary policy and financial stability. speech at the 2014 michel camdessus central banking lecture. international monetary fund, 2 july. bis central bankers ’ speeches figure 1 repo - rate paths at the monetary policy meeting in july 2011 per cent repo rate majority alternative path source : the riksbank figure 2 the riksbank ’ s and the national institute of economic research ’ s repo - rate paths in summer 2011 per cent repo rate the riksbank, ppr july 2011 nier, june 2011 note. the repo rate and the riksbank ’ s forecasts refer to quarterly averages. the national institute of economic research ’ s forecast refers to the repo rate at the end of the year. sources : the national institute of economic research and the riksbank bis central bankers ’ speeches figure 3 price developments for houses and apartments index : january 2005 = 100 source : valueguard figure 4 lending to swedish households annual percentage change note. refers to the mfis ’ lending to swedish households including hios ( households non - profit organisations ), with a home as collateral, adjusted for reclassification and bought and sold loans. source : statistics sweden bis central bankers ’ speeches figure 5 gdp per capita and employment rate compared with pre - crisis figures change in per cent 2007 – 2013 and 2008q1 – 2014q2 ger jpn gbr bel employment rate - 2 ita ned nor fin - 6 fra eu sui aut nzl swe can aus usa - 6 - 2 den por - 10 - 10 irl - 14 - 14 esp - 18 - 18 gre - 22 - 22 - 23 - 18 - 13 - 8 gdp per capita - 3 note. gdp per capita, annual data, constant 2005 usd ( adjusted for purchasing power parity ), 2007 – 2013 ; employment rate, 15 – 64 years, 2008q1 – 2014q2. seasonally - adjusted data. sources : the oecd and the world bank wdi figure 6 unemployment and labour force in sweden and the usa percentage of labour force and percentage of population united states, unemployment ( left scale ) sweden, unemployment ( left scale ) united states, labour force ( right scale ) sweden, labour

which truly widespread cyber resilience is still a myth. in my speech today i want to outline – from my experience as a banking supervisor and as a central banker – how a management board taking the lead in this field can make a difference. 2. cyber risk may cause real damage most of us, myself included, are not able to understand the source code of the online banking platform or firewall we are using. but for improving the cyber resilience of our economy, this information is not vital for us. technical details can be translated into a more influential and more familiar language : namely, that of management and strategy. i come to this conclusion not from an it specialist ’ s perspective but instead from my experience in supervising one of the sectors of the german economy most vulnerable to cyber risks : the financial sector. http : / / www. pwc. com / gx / en / ceo - survey / 2015 / assets / pwc - 18th - annual - global - ceo - survey - jan - 2015. pdf. bis central bankers ’ speeches in 2014, financial institutions were the leading purchasers of cyber insurance with average liability limits of us $ 57 million, followed by power and utilities firms and communications, media, and technology companies. 2 the fact that the financial sector is heavily exposed to cyber risks should be of no surprise. obviously, the digitalisation of banking has led to a shift in the economics of financial crimes. vast values are now stored on bank servers and no longer as cash in safes, and hacking is becoming an increasingly lucrative venture. there are three independent ways in which a cyber attack may harm an entity or a person. in the financial sector, very often all of them are possible. let ’ s go through each of these breaches. ( i ) an integrity breach refers to manipulation of correct data. for example, during the carbanak attack on banks, the thieves were able to mimic the staff and manipulate processes. they then instructed atms to dispense large amounts of cash. ( ii ) the theft of personal information is referred to as a confidentiality breach ; in one prominent case of a us bank, over 60 million data records of private customers and companies were compromised. ( iii ) an availability breach represents yet another dimension of vulnerability. for example, criminals have frequently shut down online banking services, atms or other infrastructure powered by servers. last but not least, cyber attacks may even ruin a bank ’ s precious but nondigital