##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

mario draghi : ecb press conference – introductory statement introductory statement by mr mario draghi, president of the european central bank, brussels, 8 may 2014. * * * ladies and gentlemen, the vice - president and i are very pleased to welcome you to our press conference. i would like to thank governor coene for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today ’ s meeting of the governing council. we will now report on the outcome of today ’ s meeting, which was also attended by the president of the eurogroup, finance minister dijsselbloem. based on our regular economic and monetary analyses, we decided to keep the key ecb interest rates unchanged. incoming information continues to indicate that the moderate recovery of the euro area economy is proceeding in line with our previous assessment. at the same time, recent information remains consistent with our expectation of a prolonged period of low inflation followed by only a gradual upward movement in hicp inflation rates. the signals from the monetary analysis confirm the picture of subdued underlying price pressures in the euro area over the medium term. inflation expectations for the euro area over the medium to long term remain firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2 %. looking ahead, we will monitor economic developments and money markets very closely. we will maintain a high degree of monetary accommodation and act swiftly, if required, with further monetary policy easing. we firmly reiterate that we continue to expect the key ecb interest rates to remain at present or lower levels for an extended period of time. this expectation is based on an overall subdued outlook for inflation extending into the medium term, given the broad - based weakness of the economy, the high degree of unutilised capacity, and subdued money and credit creation. the governing council is unanimous in its commitment to using also unconventional instruments within its mandate in order to cope effectively with risks of a too prolonged period of low inflation. further information and analysis concerning the outlook for inflation and the availability of bank loans to the private sector will be available in early june. let me now explain our assessment in greater detail, starting with the economic analysis. real gdp in the euro area rose by 0. 2 %, quarter on quarter, in the last quarter of 2013, thereby increasing for three consecutive quarters. recent data and survey indicators confirm that the ongoing moderate recovery continued in the first quarter of 2014 and at the beginning of the second quarter. looking ahead