A guide for collective cyber incident response and recovery for
the finance sector.
G7 fundamental elements of
collective cyber incident response and recovery in the financial
sector
Details
G7 Cyber Expert Group Publishes Fundamental Elements of
Collective Cyber Incident Response and Recovery in the Financial
Sector
As part of its Fundamental Elements Series, the G7 Cyber Expert
Group - chaired by the U.S. Department of the Treasury and the
Bank of England - released today a policy paper on Collective
Cyber Incident Response and Recovery in the Financial
Sector.
Since major cyber incidents increasingly have a global character,
effective cyber incident response and recovery are ever-more
dependent on a collective response. This includes cooperation,
both domestically and across borders, between financial
authorities, financial entities and their relevant third-party
service providers, as well as with actors from other sectors,
including government authorities.
A voluntary or formal, coordinated collective cyber incident
response and recovery approach offers significant advantages.
These include increased information sharing and improved
communication in containing the impact of incidents as well as
contributing to the stability of the financial system, and
reinforcing public confidence.
U.S. Treasury Deputy Assistant Secretary for Cybersecurity and
Critical Infrastructure Protection, and the Bank of England's
Executive Director for Supervisory Risk, Co-Chairs to the G7
Cyber Expert Group, said:
In today's deeply interdependent financial system, responding to
shared collective threats in an effective and coordinated manner
has never been more important. The fundamental elements of
collective cyber incident response and recovery will be a useful
tool for organisations to consider when reviewing their own
incident response protocols.
The G7 Fundamental Elements of Collective Cyber Incident Response
and Recovery in the Financial Sector are non-binding, high-level
principles that may guide the establishment and refinement of
Collective Cyber Incident Response and Recovery Arrangements
across the financial sector and beyond. They aim to facilitate
greater convergence and compatibility among different approaches,
while allowing flexibility and tailoring to national, sectoral,
or organizational needs based on the unique markets and
regulations within each jurisdiction.
The G7 Cyber Expert Group's membership includes representatives
of financial authorities across all G7 countries as well as the
European Union. It was founded in 2015 to serve as a working
group that coordinates cybersecurity policy and strategy across
the member jurisdictions. In addition to policy coordination, the
G7 Cyber Expert Group also acts as a platform for information
sharing, cooperation, and incident response.
