Archive for July 18th, 2018

Belgium’s central bank to hack local financial institutions to prepare them against cyber attacks

July 18, 2018

How to catch a criminal prevent criminal activity? Think like criminals!

Central Bank of Belgium will hack banks to figure the preparedness of Belgian banks:

The National Bank of Belgium has announced it will test the ability of local financial institutions to withstand hacking attempts by performing tests that simulate cyber attacks by using the tactics, techniques and procedures employed by real hackers.

In May of this year, the European Central Bank greenlit a legal framework for this type of controlled cyber hacking aimed at testing the resilience of financial institutions. 

“We are seeing that the risks associated with cyber attacks continue to increase. Millions of dollars were for instance stolen when the Central Bank of Bangladesh was attacked two years ago,” National Bank of Belgium president Tim Hermans told the Trends financial weekly.

He added that the Belgian central bank’s hacking attempts would primarily focus on market infrastructures such as Swift and Euroclear, which are used to process most bank payments. “If something were to happen with them, this would be catastrophical,” he said.

The tests against cyber attacks will cost €150,000 per test, a cost that will be carried by the financial institutions themselves.

Looks like a really costly test…

Turkey’s Islamists and their economics

July 18, 2018

Gökhan Bacık, Prof of political science at Palacky university has a piece:


Behavioural Government: Using behavioural science to improve how governments make decisions

July 18, 2018

UK’s Behavioral Insights Team has a new publication:

Governments are increasingly using behavioural insights to design, enhance and reassess their policies and services. Applying these insights means governments adopt a more realistic view of human behaviour than they have done in the past – and may achieve better outcomes as a result.

However, elected and unelected government officials are themselves influenced by the same heuristics and biases that they try to address in others. This report explores how this happens – and how these biases can be addressed or mitigated. To do this, we focus on three core activities of policymaking: noticing, deliberating and executing.

Just read a few pages and like most behavioral research, one is surprised with all these biases and illusions..

The world’s 10 best performing metropolitan economies

July 18, 2018

Max Bouchet and Joseph Parilla list the top 10 metro economies. Five are from China!

The blockchain trilemma

July 18, 2018

Econs are using different ideas/frameworks to figure this beast of blockchain/cryptos.

Markus Brunnermeier and Joseph Abadi in this piece use the trilemma concept to understnad blockchains:

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