we need to think carefully, as of now, about how to make these developments fully compatible with the rights of individuals and about how to square the increasing availability of information on the private lives of each one of us in relation to our political views, state of health, or sexual orientation, with the protection of our personal freedom and with the rules that govern the functioning of a modern liberal democracy. j. m. keynes ( 1930 ) “ economic possibilities for our grandchildren ”, freely available online. designed and printed by the printing and publishing division of the bank of italy

guidance and recent european legislation, 13 the ecb and the national central banks will focus on three key areas : first, strengthening the cyber resilience of individual financial market infrastructures, including payment systems ; second, increasing the cyber resilience of the entire financial sector ; and third, promoting public - private cooperation on cybersecurity for the financial sector at the european level. in italy, to ensure a comprehensive strategic vision and the alignment of internal and institutional policies, a high - level task force on cybersecurity has been set up within banca d ’ italia. in this regard, the banca d ’ italia ’ s three - year strategic plan envisages two specific lines of action. one focuses on protecting the bank ’ s critical assets by reorganizing security functions within the it directorate general. the other focuses on enhancing the cyber resilience of italy ’ s financial sector. lloyd ’ s ( 2017 ), “ counting the cost : cyber exposure decoded ”. the cpmi - iosco guidance on cyber resilience for financial market infrastructures is a key example. see “ fundamental elements of cybersecurity for the financial sector ”, followed in 2017 by the “ fundamental elements for effective assessment of cybersecurity for the financial sector ”. directive ( eu ) 2016 / 1148 on the security of network and information services ( the so - called “ nis directive ” ). on the subject of public - private cooperation, the banca d ’ italia and the italian banking association have created the financial sector computer emergency response team ( certfin ), which coordinates the sharing of information and cyber threat intelligence among banks, financial market infrastructures, insurance companies, markets and trading venues and outsourcers. since its foundation, in january 2017, certfin has analysed and circulated information about 1, 000 cyber events ; and it has sent more than 200 warnings to individual financial firms about potential attacks, while continuously monitoring vulnerable areas. lastly, it is important to stress that actions taken by financial - sector authorities must be integrated with national cyber security strategies and frameworks. in italy, this link is ensured via constant dialogue with appropriate government institutions, including but not limited to national intelligence and law enforcement agencies. 4. 2 basic principles of regulation the regulation of fintech activity is still in its infancy, and the regulatory framework differs from country to country. a review of the choices made in each jurisdiction would require an in - depth analysis