A top official at the Reserve Bank of Australia has warned that the central bank, along with key financial infrastructure stakeholders, needs to rethink how it can keep operating when hit by external shocks like outages, including keeping sufficient cash in the system as an “all-hazards’ digital hedge”.
Speaking at the AusPayNet Summit in Sydney on Tuesday, RBA assistant governor for the financial system Brad Jones issued a carefully worded warning to both the banking and finance industries and their technology providers that they need to have their failover plans ruggedised and ready to roll because of “our deteriorating strategic circumstances”.