##availability of systems or both. the capabilities of these actors, and thus the nature of the threat, are rapidly evolving – barriers to entry are low in cyber space and attacks are readily scalable. low level attacks are now not isolated events but continuous. unlike physical attacks that are localised, these attacks are international and know no boundaries. add to this, the cyberattack surface is rapidly growing : • in 2015, there were 3 billion digital users, and by 2019, this will increase to 4 billion ; • in 2015, there were 3. 3 billion smartphone connections, which will increase to 5. 9 billion in 2020 ; • in 2015, there were 16. 3 billion ip - connected devices, which will increase to 24. 4 billion by 2019 ; • and it is estimated that network traffic will more than double from 2015 to 2019. the routes for exploitation and potential disruption are therefore clearly increasing. furthermore, the threat to fmis is increasing. fmis represent critical infrastructure to the financial system. in a recent survey on critical infrastructures, more than 70 % thought bis central bankers ’ speeches cybersecurity threats to their organization are increasing ; and 48 % found it likely that a cyberattack will take down their critical infrastructure. cyber defence as a result has become not a matter of designing a hard perimeter that can repel attacks but detecting where networks have been penetrated and responding effectively where this occurs. as it changes and multiplies, cyber is elusive, hard to define and to measure. it is clear that the risk is on the rise and a growing cause of concern to industry and authorities alike. it is within this context that the committee on payments and market infrastructures ( cpmi ) and the board of the international organization of securities commissions ( iosco ) joined their efforts in developing the guidance on cyber resilience for financial market infrastructures which you will discuss today. 1 from the outset, this guidance is aimed towards financial market infrastructures, overseers, supervisors and authorities, making it clear that our response to cyber risk must be a collective and united effort, based on a partnership model. this is why on the side of cpmi and iosco we seek the views of the industry through a public consultation, and hence this workshop is an important opportunity to bring us all together for some shared reflections during the consultation period. the cpmi - iosco guidance is the first set of internationally agreed principles in the field of financial markets and institutions to support consistent and effective

the second pillar, the stress test, began in may and will evaluate the ability to maintain adequate solvency levels under stress, using the methodology agreed by the ecb and the european banking authority. this process will conclude in september and the publication of the results of the whole exercise is expected in late october. after this disclosure, those banks facing a capital shortfall will have to submit their recapitalisation plans to the ecb. i would like to say that, as we all know, the spanish financial system has undergone intense restructuring and recapitalisation, as well as a significant consolidation process. i am confident that spanish banks are prepared for this rigorous exercise. setting up the single supervisory mechanism and making it operational is not going to be a simple task. both from the procedural and organisational standpoints, it will be a complex process, requiring great effort, and will be a major responsibility for those who take on the leadership of this new european union - wide institution. bis central bankers ’ speeches ms sabine lautenschlager ’ s responsibilities as member of the executive board of the european central bank and vice - chair of the supervisory board of the ssm place her in a unique position. i have no doubt that her intervention will be extremely interesting and informative to us all. bis central bankers ’ speeches