interior thomas de maiziere and arne schonbohm from the federal office for information security, i expect manufacturers – no matter how short their products ’ life cycles are – to be required to identify bugs at an early stage, report them, close them as quickly as possible and make security updates available for a longer period of time. the developers of hard - and software must be forced to adhere to it security standards and to integrate and activate safety functions into their products. such a legal obligation could have a great impact to the multitude of it products that are subject to weaknesses. therefore, in addition to the product - specific security requirements regarding product liability and product safety laws, the infringement of technical standards and rules – such as din standards, common criteria and protection profiles – should lead to a presumption of guaranty or the facilitation of the affected parties. i myself am a big fan of “ bug bounty ” programmes, which are run by many international companies and offer financial rewards to ethical hackers ( known as “ white hats ” ) for reporting bugs – and that ’ s because vulnerabilities that we have been unaware of up to now are another problem that we need to address. deutsche bundesbank therefore supports manufacturers and suppliers conducting bug bounties. as the number of professional attackers grows – irrespective of whether they are cybercriminals or intelligence agencies – so too does the likelihood of their hacking tools becoming the target of attack. the shadow broker and vault 7 documents released on wikileaks make these risks abundantly clear. penetration tests are helping penetration tests are an effective means of unearthing previously unknown vulnerabilities in systems and applications and then eliminating them. they clarify the extent to which attackers can penetrate an organisation ’ s infrastructure and how much damage they can cause. a single weak point can be all it takes for attackers to hit the jackpot. 4 / 7 bis central bankers'speeches in my opinion, “ red teaming ” is the ultimate in penetrating testing. this involves a red team, usually brought in from outside, working against an internal team of analysts ( the “ blue team ” ) whose mission is to defend the internal infrastructure to the best of their ability. european financial market infrastructures are to be subjected to this manner of cyber testing with the aid of a standardised european red team testing framework. i would like to encourage you to regularly review the resilience of your own infrastructure and processes and to develop

jens weidmann : bundesbank at 60 – committed to a stable currency speech by dr jens weidmann, president of the deutsche bundesbank and chairman of the board of directors of the bank for international settlements, at the reception marking 60 years of the bundesbank, hamburg, 8 september 2017. * * * 1. welcome ladies and gentlemen may i begin by thanking you, mr scholz, for your speech and for your respectful remarks about the bundesbank. i am also very grateful that you have so graciously allowed us to use hamburg ’ s delightful and prestigious town hall as a venue for looking back at 60 years of the bundesbank and sharing our thoughts on the challenges that lie ahead. 60 years of the bundesbank – that means 60 years of dedication to a stable currency. just like its predecessor, the bank deutscher lander, the bundesbank was committed to preserving the stability of the deutsche mark. but more than that, the deutsche mark grew to become a key currency in the international area and a symbol of germany ’ s national identity as an economic powerhouse. the year 1999 saw germany join european monetary union, and since then the bundesbank has been committed to a stable euro with equal vigour. the bundesbank first saw the light of the world on 4 july 1957, the day on which germany ’ s bundestag adopted the bundesbank act – alongside the antitrust act. writing at the time, the frankfurter allgemeine zeitung newspaper remarked that this day had witnessed “ the adoption of two crucially important pieces of basic legislation for our entire economic system ". when the bundesbank act came into force on 1 august 1957, the bank deutscher lander, the land central banks and the berlin central bank were merged to form a single institution, the deutsche bundesbank. this new institution took over the headquarters of the bank deutscher lander in frankfurt am main. i wonder if you are aware that it almost ended up being based in hamburg. back then, the british forces were pushing for the bank deutscher lander to make hamburg its home. but as it turned out, the americans got their way, and the institution was established in their preferred location of frankfurt, inside the us occupation zone. that marked a major turning point for frankfurt. the city evolved into germany ’ s financial centre and later also succeeded in attracting the european central bank. but i don ’ t think hamburg lost