Growing reliance on digital resources and the resulting interconnectedness at the global level are posing increasing cyber challenges.
In recent years, both public authorities and market players in the financial sector have been faced with a rising number of diverse and serious cybersecurity challenges.
On the one hand, the field of attack available to hostile actors - from crime syndicates to state-sponsored groups - is growing at unprecedented speed. There are many more video calls to eavesdrop on, many more business-related data flows to intercept on the open internet and usage of online payment instruments has grown during the lockdown periods in many countries. On the other hand, online services are experiencing an influx of new users, some of whom may not be sufficiently aware of cyber risks and may become exploitable weak links in the financial chain.
Finally, the COVID-19 pandemic has accelerated the process of digitalization, raising awareness of the extent to which modern life relies on the availability of digital services and in some cases has furthered the process in unexpected ways. As social distancing measures began to be introduced all over the world, work, education, commerce and a host of other important activities suddenly migrated online.
In this seminar, we discuss how the Bank of Italy, in its different institutional roles, is dealing with the evolving landscape of threats to the financial sector, not only with respect to key infrastructures and services providers, but also in the all-important field of retail banking.