Interconnectivities and regulatory impact [44]

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Bullet points include: Very? Not very? IT is an increasingly important and complex component of economic activity, including in financial services industry Core business activities of e.g. banks and insurers are not explicitly IT in nature Some sectors particularly reliant on IT, e.g. some market making and related activities Past tendency to ‘reinvent’ financial services around IT unravelled in dot com bust Core components leverage network effects, so are very sensitive to network disruptions Finance relates to ownership of cash flows, which can be redrawn by courts, legislature etc. Even short outages/failure can have severe reputational consequences, given the ‘connected’ world in which we live Are we just behaviourally ‘framing’ our views around dystopian movies and the like in which disaster includes an IT element Not a ‘new’ threat. Financial sector already expends a lot of effort mitigating potential impact

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