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G7 Fundamental Elements of Cybersecurity for the Financial Sector

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Citation Edit

Group of 7, G7 Fundamental Elements of Cybersecurity for the Financial Sector (Oct. 11, 2016) (full-text).

Overview Edit

The Group of Seven (G7) industrial powers (Britain, Canada, France, Germany, Italy, Japan and the United States) have agreed "on guidelines for protecting the global financial sector from cyber attacks following a series of cross-border bank thefts by hackers." According to the guidelines, policymakers have grown more worried about financial cyber security in the wake of numerous hacks of SWIFT, the global financial messaging system, including an $81 million theft in February from the Bangladeshi central bank's account at the New York Federal Reserve.

According to the guidelines the "[c]yber risks are growing more dangerous and diverse, threatening to disrupt our interconnected global financial systems" and contain the following Elements:

  • Element 1: Cybersecurity Strategy and Framework.
  • Element 2: Governance.
  • Element 3: Risk and Control Assessment.
  • Element 4: Monitoring.
  • Element 5: Response.
  • Element 6: Recovery.
  • Element 7: Information Sharing.
  • Element 8: Continuous Learning.

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