Brad Jones, assistant governor (financial system) at the Reserve Bank of Australia, warned that the financial industry must prepare for a future with more frequent shocks from foreign interference and cyber attacks.
In a speech to the Australian Banking Association Conference, he said the global financial order is changing, with increased use of financial sanctions and cyber operations.
Jones noted that the Council of Financial Regulators is working to enhance contingency planning, but more is needed—especially for extreme geopolitical scenarios.
"Financial institutions face growing legal and business risks from sanctions and cyber threats."
He urged more robust planning and fire drills to address these escalating dangers, emphasizing that the sector's preparedness must keep pace with the evolving threat landscape.