G7 Issues Outline of Financial Cybersecurity Elements

The Group of Seven advanced democracies today issued an outline of non-binding elements that financial firms can use to enhance cybersecurity and that public authorities can use in supervising the financial system. These elements include a cybersecurity strategy and framework, well-defined and adequately resourced governance, risk and control assessment, ongoing and systematic monitoring, timely and coordinated response, recovery, information-sharing and continuous learning.

“Cyber threats present a set of pressing operational, reputational and financial stability risks facing the international financial system,” said U.S. Deputy Treasury Secretary Sarah Bloom Raskin, who co-chairs the Cyber Expert Group of the G7, which also includes Canada, France, Germany, Italy, Japan and the United Kingdom. “Sovereign borders do not contain these threats, and accordingly, nations must work together to address them.”