capacity to implement common and consistent measures in order to restart operations after a cyber - attack ; page 3 sur 3 ( iii ) test dedicated crisis communication tools. 3 ) monitoring the degree of cyber security and the progress of cyber resilience programmes. irrespective of the nature of our organisation ( a central bank, a commercial bank, an insurance company, a fmi ), we have to not only deal with a large number of cyber security issues, but also to coordinate a large number of stakeholders ( boards, senior executives, chief information officers, chief risk officers, chief information security officers, etc., ). therefore it is of utmost importance, but at the same time difficult to obtain an overview of cyber security. all levels of management ( technical, operational and executive ) need to have appropriate information to monitor cyber resilience and cyber risks. above all, monitoring cyber security at the executive level ( “ tone at the top ” ) may prove to be challenging. of course, there is a broad range of different metrics and it is necessary to select a limited number of them. for instance, if i had to mention three of them, i would choose : ( i ) overseeing the development of awareness and training within the organisation ; ( ii ) monitoring patch management in order to make sure that identified flaws are corrected in due time ; ( iii ) and, last but not least, capturing the effectiveness of the identification and authentication processes. in a nutshell, key indicators help to improve the governance of the it security system. * * to conclude, i believe that it is necessary to better structure the international governance of cyber security in the financial sector : it is clear that the different regulatory and supervisory authorities are aware of “ cyber risks ”. this is becoming apparent through the numerous initiatives at various levels ( domestic, european, and international ). while this is welcome, it is both delicate but necessary to strengthen international cooperation in order to ensure that there are neither loopholes nor overlaps and that there is convergence towards proposals and solutions that can easily be shared with others.

penalising factors. the question now is how to " operationalise " stress tests and transition plans into capital requirements. in my view ( viii ) the simplest and most international way forward is to integrate them into basel capital requirements, in pillar 2 on risk governance, business model and credit risk as a first - stage approach. * * to conclude, let me recall what the avant - garde fashion designer issey miyake inspiringly said : " many people repeat the past. i'm not interested. i prefer evolution. " today's shifting world gives even more credit to this japanese master, who relentlessly navigated between tokyo and paris, designed steve job's black turtlenecks in which he delivered his keynote speeches, and stood as a pioneer of fashion tech and ecology. let us, in this challenging crisis, stand as pioneers too. ( i ) support to mitigate unemployment risks in an emergency ( ii ) autumn 2022 economic forecast : the eu economy to a turning point, european commission, 11 november 2022 ( iii ) source : bloomberg, banque de france calculations ( iv ) european commission, next generation eu green bonds ( v ) network for greening the financial system ( vi ) international sustainability standards board ( vii ) securities and exchange commission ( viii ) villeroy de galhau, f., past progress induces new challenges : raising the stakes for standard disclosure, supervisory requirements and collective governance, speech, climate finance day, 27 october 2022 4 / 4 bis - central bankers'speeches