President and CEO of the Federal Reserve Bank of Boston Discusses Cybersecurity and Cyber Threats
President and CEO of the Federal Reserve Bank of Boston, Eric S. Rosengren, delivered remarks at the Bank for International Settlements High-level Meeting for Africa, emphasizing that cybersecurity is an important regulatory priority and a "serious financial stability concern."
Mr. Rosengren stated that an immediate cybersecurity threat could focus an attack on payment systems, aiming to disrupt transactions rather than to obtain financial gain. According to Mr. Rosengren, this sort of attack would reduce consumer confidence.
Mr. Rosengren encouraged market participants, both private and public, to share "actionable" information as to cybersecurity roles and responsibilities and increase a firm's preparedness.