october 2022 [ 9 ]. we need to tackle ransomware attacks from various angles. first, every firm must be ready to repel ransomware attacks, either through the use of proper cyber hygiene practices or by ensuring that data is backed up regularly and is kept up - to - date and tamper - proof. second, enforcement agencies need to conduct forensic analyses, locate attackers and join forces to prosecute them. third, crypto - assets – especially unbacked crypto - assets, which are used to make ransomware payments owing to the anonymity and money laundering possibilities they offer [ 10 ] – need to be strictly regulated. similarly, crypto - asset transfers must be traceable. the proposed eu regulation for markets in crypto - assets ( mica ) and revision to the regulation on information accompanying transfers of funds, which extends the “ travel rule ” [ 12 ] to crypto - assets, are important steps. however, to be effective and prevent regulatory arbitrage, regulation must be stepped up globally. [ 13 ] implementation of the financial action task force ( fatf ) guidance for crypto - assets and its enforcement at international level are therefore crucial. in addition, all firms need to have the highest level of cyber controls in place to prevent attacks from being successful and to detect and recover from ransomware attacks. moreover, insurance firms can lend their support by obtaining assurances from their clients that they have high - level cyber resilience plans in place before providing cyber risk insurance policies, thus ensuring that these very same policies do not lower firms ’ incentives to prepare for cyberattacks. artificial intelligence ( ai ) even if we do not realise it, the use of artificial intelligence ( ai ) is already widespread. we use ai every day, including on our phones, in our homes and at the workplace. and firms use it to harness big data. ai can help to strengthen cybersecurity, for instance, by improving the detection of highly sophisticated cyberattacks through its ability to identify abnormal system behaviour compared with an established baseline. this is the kind of potential that we need to leverage. but ai can also multiply cyber risks by, for instance, helping malicious individuals, even those who have limited or no technical skills, draft very convincing phishing emails or identify topics that will achieve the maximum engagement from those being targeted. to make matters worse, ai can even create and fix code that can be used to exploit and compromise the endpoint.

1864 ; andrade, p., j. breckenfelder, f. de fiore, p. karadi and o. tristani ( 2016 ), “ the ecb ’ s asset purchase programme : an early assessment ”, ecb working paper no 1956 ; and blattner, t. and m. joyce ( 2016 ), “ net debt supply shocks in the euro area and the implications for qe ”, ecb working paper no 1957. see, e. g. joslin, s., k. j. singleton and h. zhu ( 2011 ), “ a new perspective on gaussian dynamic term structure 5 / 6 bis central bankers'speeches models ”, review of financial studies, vol. 24 ; and abrahams, m., t. adrian, r. k., crump, e. moench and r. yu ( 2016 ), “ decomposing real and nominal yield curves ”, journal of monetary economics, vol. 84. 9 see matheson, t. and e. stavrev ( 2014 ), “ news and monetary shocks at a high frequency : asimple approach ”, imf working paper 167. 6 / 6 bis central bankers'speeches