“Ransomware and malware targeting vulnerabilities in work-related apps and processes were active and remain dangerous threats capable of taking over networks and data, while costing millions in assets and recovery costs,” Samani added.

Malware was the most reported cause of security incidents in Q4, followed by account hijackings, targeted attacks and vulnerabilities.

Powell stressed that the Federal Reserve was considering different types of scenarios: “There are scenarios in which a large payment utility, for example, breaks down and the payment system can’t work. Payments can’t be completed. There are scenarios in which a large financial institution would lose the ability to track the payments that it’s making and things like that,” he said.

“Today is a major milestone in the path to creating the world’s most competitive online markets, with consumers, entrepreneurs and content publishers at their heart,” said UK Digital Secretary Oliver Dowden.

“The Digital Markets Unit has launched and I’ve asked it to begin by looking at the relationships between platforms and content providers, and platforms and digital advertisers. This will pave the way for the development of new digital services and lower prices, give consumers more choice and control over their data, and support our news industry, which is vital to freedom of expression and our democratic values,” he said.