and law enforcement agencies to regulators and vendors – need to work together to counter the dangers that we face. we need to extend the focus beyond the mere reporting of cybersecurity incidents and recovery times. the whole industry needs to become more proactive in its approach and embed a healthier cyber - culture in each firm. this proposed culture will have to be risk - based and inclusive. more prominence will have to be given to greater deterrence, early detection, regular penetration testing, and quicker response times. how we strengthen our computer security incident response teams ( or csirts ) and coordination centres becomes important. to be effective, we need to coordinate our efforts and work together. the sarb believes that cybersecurity is a terrain with enough non - competitive and mutual interests, where public and private stakeholders can collaborate to build the resilience that is required against a common threat. a number of countries have cybersecurity frameworks in place to deal with cyber - threats. while there is a significant amount of variation and overlap across national frameworks, an important shortcoming is often the lack of coordination and cohesion at national and regional levels. we should avoid this. indeed, there are hurdles that we will have to overcome, including privacy concerns, trust deficits, and the lack of expertise. bis central bankers ’ speeches but these are not insurmountable obstacles. i hope you will engage fruitfully on these matters of coordination and cohesion in your deliberations and arrive at workable solutions. cyberattacks know no national borders. we have thus called on knowledgeable experts, both local and international, to address us on a number of relevant topics, ranging from the nature of the threat landscape and regulatory approaches to cybersecurity through future cyberdefensive tools to emerging cyber - resilience trends. to make matters a little more practical, i believe that you may examine one or two case studies and consider how to build cyber resilience into fintech innovation. i am sure that you are also looking forward to learning how cyber - threats are addressed by the other central banks represented here and the latest developments in this regard. conclusion i encourage you to explore and share your ideas on cybersecurity candidly, and i wish you well as you work on the important details of collaborating on, and laying the foundations of, effective and efficient resilience against the cyber - threats of today and of the future. may you remain forever vigil

ties forged within the local community. the importance of vision so far, my remarks have focused on the tangible aspects of planning and investment. but i do not want to leave out a critical element that is perhaps impossible to measure but underlies each of your undertakings. that element is vision. the washington post has reported that when joe horning walked through this theater eight years ago, he was surrounded by broken windows, rotted floor boards, and leaks in the roof. that ’ s what he saw. but what he envisioned was quite different. he envisioned a beautifully restored theater that would not only serve the community but, more important, also serve as a symbol that columbia heights could be revitalized. indeed, in the past eight years, that vision has been realized, with columbia heights today a vibrant and viable neighborhood. as in similar neighborhoods in the district of columbia and throughout the united states, there is much to celebrate in the results of community investments. the increase in street traffic and economic activity makes the neighborhood a livelier and safer place. property values are rising, and that allows homeowners here to experience the wealth - building power of homeownership that their peers in more - affluent areas have experienced for years. it also enables them to invest in the rehabilitation of their homes. this additional investment improves the look and feel of the entire neighborhood. of course, the higher home prices and rents that result from the increased desirability of this neighborhood also limit the availability of affordable housing. these pressures on the market are being felt here in the washington metropolitan area as well as in other expanding real estate markets. the question of gentrification in columbia heights was interestingly portrayed in the washington post earlier this month through the eyes of a pair of twelve - year old girls who have grown up in this neighborhood. the girls entered a citywide essay contest on gentrification, a word that they had not previously known, and observed very keenly the effects of the development going on around them. they noted their increased feeling of safety as they walked to and from school thanks to the rehabilitation of previously vacant rowhouses and the exciting new diversity of individuals living in their neighborhoods. but they also missed the friends whose families were forced to move out of the neighborhood when it became too expensive to stay. they were saddened by the loss of some of the smaller shops that will be replaced by larger retailers. in the end, the girls concluded that gentrification is a complicated issue, and its