G7 agrees to cybersecurity standards for financial sector
A global group of industrial powers known as The Group of 7 (G7) recently established a set of cybersecurity guidelines to safeguard the financial sector.
The G7 is a group seven nations — Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States — with large, advanced economies that represent up to two-thirds of net global wealth at any given time. In the wake of recent, global, large-scale cyber attacks, the group convened to address the future of cybersecurity.
Increasing in sophistication, frequency, and persistence, cyber risks are growing more dangerous
and diverse, threatening to disrupt our interconnected global financial systems and the
institutions that operate and support those systems. To address these risks, the below nonbinding,
high-level fundamental elements are designed for financial sector private and public
entities to tailor to their specific operational and threat landscape, role in the sector, and legal and
regulatory requirements. — G7 Fundamental Elements of Cybersecurity for the Financial Sector
The group produced a three-page document outlining cybersecurity guidelines for the financial sector in the near future.
Ultimately, the publishing of the guidelines is an effort to stay consistent in approaches to combat the growing threat of cyber attacks.
— Treasury Department (@USTreasury) October 5, 2016
Eight core elements
The guidelines put forth by the G7 included eight core elements: 1) Cybersecurity strategy and framework. 2) Governance. 3) Risk and control assessment. 4) Monitoring. 5) Response. 6) Recovery. 7) Information sharing. 8) Continuous learning.
As this was a group effort, one of the most noteworthy elements is element 7: information sharing. Per the agreement and established rules, members are to share details of cyber incidents with other members. According to the offcial document, “sharing of reliable, actionable cybersecurity information” will help to “enhance defenses, limit damage,
increase situational awareness, and broaden learning.”