Fabio Panetta: Cyber security - the balance between cooperation and regulation

Keynote speech by Mr Fabio Panetta, Deputy Governor of the Bank of Italy, at the joint ECB and Bank of Italy conference "Digital transformation of the retail payments ecosystem", Rome, 1 December 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Information and communication technologies play a fundamental role for people, businesses and the public sector. Digital transformation is modifying the economic system and the whole of society at unprecedented speed. 

Innovation is having a powerful effect on the financial sector. The value chain is becoming more complex, and the participation of non-financial providers is increasing. The tech giants as well as the new fintech start-ups are expanding the supply of innovative services to a broad and diverse customer base through new business models. 

As a result, confidence in the financial sector is no longer based on bilateral trust between customers and service providers but is dependent on the governance of digitalization and especially on the reliability and safety of the products offered.