Perspectives 2019 2020 Public Sector

Citi’s pilot exercise showed the continued need for financial sectors and countries to come together, find a common ground, and build cyber resilience. Through improving interconnectivity among industry players and public sector, exercises are a practical way to highlight the need for a proper recovery strategy framework and playbooks for each sector and at a country- and multi-country levels. As the global architecture of cyber resilience (and Operational Resilience) regulation evolves over the next two to five years, cross-border collaboration and public-private sector partnerships will be needed more than ever to establishing robust multilateral cooperation, common cyber response and recovery frameworks, and developing scalable, outcomes-based risk-management techniques. The role of business is fundamental, both to transition away from practices that undermine the attainment of cyber security and to proactively create solutions that solve existing cyber challenges. No firm can gain advantage in this space; with our interconnected financial ecosystem and shared technological dependencies, we all rely on a common credibility and confidence structure. A cyber incident at one institution could have a significant impact on others. Partnerships between financial institutions and the public sector, including Central Banks, Development Banks, Ministries of Finance and Ministries of Foreign Affairs is vital. Over the past year, there has been increased momentum and energy galvanizing the private sector to consider the role it plays in advancing cyber resilience through cyber capacity building. More is needed. This is well-aligned with Citi’s mission and vision. Citi, as the world’s global bank, has a vital role to play, including deploying services and products to address the challenges of resilience in an intentional way and supporting others to do the same. Private-sector support of the public sector, and continued public sector leadership are essential. The risk of not acting is a costly proposition with potentially detrimental consequences for the public sector sustainable development, financial inclusion and innovation agendas, and a suboptimal and diffused deployment of public sector’s resources. Peter Sullivan Head of Africa, Citi Charlotte Branfield Head of Cyber Engagement, Chief Information Security Office & Enterprise Infrastructure, Citi 90 From Security to Resilience