cyril roux : cybersecurity and cyber risk address by mr cyril roux, deputy governor ( financial regulation ) of the central bank of ireland, to the society of actuaries in ireland risk management conference “ cybersecurity and cyber risk ”, dublin, 30 september 2015. * * * many thanks to the society of actuaries in ireland for inviting me to address such a distinguished audience of risk and insurance professionals. the conference agenda covers a number of substantial topics, and i am pleased to speak to you about one that is rapidly moving up the central bank ’ s supervisory agenda : cybersecurity and cyber risk. raising awareness of cybersecurity risk we know a lot about the financial risks such as interest rate, liquidity and credit risk that contributed to the crisis from which we are emerging. we also know that the next crisis is unlikely to be the same as the last one. that ’ s why we monitor other categories of risks, such as operational risks, faced by supervised firms and by the financial system as a whole. operational risks come in many guises, and we pay in particular close attention to it risks. financial firms are evermore dependent on their information technology. the share of financial services provided online to their customers continues to grow, and the inner workings of financial firms, as well as their relationships with their vendors and suppliers, are wedded to their information systems. regulated firms are thus exposed to large scale it risks on a number of fronts. when part of their it systems fail, their business is impaired, and, in time, so are their reputation, their finances, and ultimately their survival. regulated firms perform critical economic functions on behalf of the general public and businesses. their logical resilience and safety is, if anything, even more important than the security of their business premises. accordingly, the central bank expects regulated firms to have robust governance and policies frameworks around their data and information systems, including their outsourced functions. regulated firms need to identify, monitor and mitigate their it risks. within that universe of it risks, i wish to focus today on cyber risk, a growing risk that has serious implications for prudential supervision, consumer protection and financial stability. the irish insurance industry appears to share the same view. cyber risk is at the top of your firms emerging risk concerns, according to the 2015 pwc insurance survey. however, not all irish firms regulated by the central bank assess their exposure to cyber risk properly, and not

shyamala gopinath : inauguration of inter - bank mobile payment service remarks by ms shyamala gopinath, deputy governor of the reserve bank of india, at the inauguration of inter - bank mobile payment service ( imps ) of the national payment corporation of india ( npci ), mumbai, 22 november 2010. * * * 1. mr hota, mr balachandran, my colleague mr padmanabhan, other executives of npci, fellow bankers, other dignitaries and my media friends present here. i am honoured to be here and i thank the npci for inviting me to inaugurate the interbank mobile payment services ( imps ), which has the potential to change the retail payment landscape in india provided all the stakeholders get it right. 2. the success of mobile penetration in india is now widely recognized. this huge success has encouraged it being increasingly leveraged to address other frontier issues of inclusive growth process. exchange of money, one of the most fundamental economic functions in any economy, is one of such frontline issues. i can do no better than refer to the observations from a recent book 1 coauthored by mr. sam pitroda, one of the key architects of telecom revolution in india : m - commerce is poised for a revolution, commencing in china and india. it may initially focus on mobile banking and later, with integration of applications for consumer convenience, extend to other services. 3. intuitively, the mobile phone, being more ubiquitous in nature offers a greater opportunity for effective delivery of financial services and furthering the cause of financial inclusion in a significant way. with the evolution through information & communication infrastructure, knowledge based initiatives, right to information and education, delivery of public services and employment and entrepreneurship mobile money has the potential to facilitate inclusive growth. 4. reserve bank has acknowledged the importance of mobile banking channel as a critical element to achieving inclusive growth in india and has been taking several important steps, the recent being enabling the mobile companies to partner with banks as business correspondents. the twin challenge in our country would be to succeed in reducing the use of cash while encouraging the spread and use of mobile wallet to reap the full benefits of this ubiquitous product. 5. the three stakeholders viz. the telecom operators, banks and merchants have realized the value proposition and the only sustainable business model is where these stakeholders work together to deliver true value to customers and effectively share the costs saved and new revenues generated. hence it is imperative that all the