is already a familiar phenomenon in police circles. from the beginning, the use of cybercops has induced investigation authorities to develop techniques to discover the identity of those who are in breach of the law. the regulators want to use this technology in their supervision of the financial sector. the dnb now has one internet officer, which like the digital detectives is engaged in tracing financial offenders. so far, several indications of offences on the internet have been found. for example institutions that offer banking services over the internet without having a banking license. also some so - called ‘ study investment associations ’ ( studiebeleggingsclubs ) were in breach of the regulatory legislation. these investment funds, founded by students, operated over the internet without a license of dnb. a fourth initiative to protect consumers against unauthorised banking services is the introduction of so - called hyperlinks. this possibility is currently being investigated. every financial services provider using e - commerce would be required to place a hyperlink on its website referring to the relevant regulator. by clicking on this hyperlink, consumers would access a list of providers licensed by the regulator, and could easily see whether a provider is on the list, and therefore is trustworthy. another possibility being considered is a regulator ’ s ‘ black list ’, which would be a special page on the regulator ’ s website listing financial services providers that are operating without a license and therefore not trustworthy. so we work together with fellow regulators, the police and investigation services. however, the bank has a separate unit concerned with the supervision of banks and information technology within its supervision department. the fact is that e - banking involves several specific operational risks. one operational risk mainly relates to the security of systems and transactions, including data confidentiality and authentication of the parties involved. another operational risk refers to the continuous availability of the internet as a medium for financial transactions. this availability is prone to serious hazards, such as computer viruses and hackers. think for example of the homebanking application of abnamro, that was subject to an attack of hackers in september last year. such an incident may damage the reputation of the internet as a means of payment. it is therefore very important for banks to ensure the safety of e - banking. the regulators at our it - unit monitor whether this is sufficiently done. to that end, they have conversations with the banks to gain insight in the controls, the legal implications and particularly the security of e - banking. furthermore,

edward lloyd ’ s coffeehouse began covering maritime risks, the industry has helped others absorb the effects of damaging events. in doing so insurers have helped people progress and businesses boom. of course, as we at dnb know all too well : those who deal within an industry based on trust and reliability must themselves show outstanding behavior. in other words : insurers must adhere to the highest of principles. • and luckily many of them do and more than that! i can give you several impressive examples of insurers stepping in to help rebuild and reimburse damages, even beyond what was promised. • take for instance a lloyd ’ s member named cuthbert heath : in 1906 a massive earthquake destroyed much of san francisco. bis central bankers ’ speeches heath insisted on paying not just for earthquake damage but also for what was destroyed by the fires that raged thereafter for three days. he instructed his san franciscan agent to pay all policyholders in full, irrespective of the terms of their policies. the agent followed his orders and the insured were promptly paid. • more recently and closer to our home : just days after the tragic event of the downing of flight mh17 in july of this year – in which 298 passengers lost their lives, 198 of whom were dutch citizens – dutch insurers collectively announced they would pay out all damages to policyholders, even if certain terms of their policies would prohibit this. • and to give you a few more examples of the industry helping people to get back on their feet : – it paid out damages after cyclone sandy flooded large parts of new york city ; – it paid policyholder claims when floods and bushfires destroyed lives and properties in australia ; – and it helped people and businesses in japan recover from the destruction caused by the 2011 tsunami. • in doing so in all of these cases, the industry helped those in need and also cemented its reputation as a solid and reliable industry. this promptness to deliver gives people the means to carry on and businesses the confidence to start over. • as for the future, it will be interesting to see how the insurance industry deals with new and emerging risks such as climate change, but also cyber - crime and reputational damage. or how the advent of selfdriving cars will affect their business model. • iais ’ s role in in this cannot be overstated, as it sets standards for supervisors for the development and maintenance of fair, solid and safe insurance markets. • i am confident that this