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G-7 Finance Ministers And Central Bank Governors Release Cyber Security Report

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Monday, October 16, 2017   05.36PM / FedWatch USA 


On October 13, 2017 in Washington DC; the finance ministers and central bank governors of the G-7 countries released the Fundamental Elements for Effective Assessment of Cybersecurity for the Financial Sector. Underscoring that cybersecurity remains a topic of paramount importance for the financial system, the United States Department of the Treasury and the Board of Governors of the Federal Reserve System welcomes the continued efforts by the G-7 to promote effective practices for cybersecurity and drive greater consistency across the international financial sector. 

These collective efforts build greater resiliency within the financial system. 

“A secure, safe, and strong financial sector is essential to promote real growth within the U.S. economy and across the world. Cybersecurity, particularly in the financial sector, is a top priority for the United States, and we are pleased to work with the members of the G-7 to advance a common approach that enhances resiliency,” said Treasury Secretary Steven T. Mnuchin. “Technology has become the global engine driving innovation and economic growth, and it provides a channel for the financial sector to engage customers and counterparties. However, this trend brings increased cyber risk, which is real, dynamic, and evolving.”  

This report advances the work of the G-7 Fundamental Elements of Cybersecurity for the Financial Sector released last year, which encapsulate elements of cybersecurity for public and private financial sector entities. The new Elements, though non-binding and non-prescriptive, provide tools for institutions to evaluate the performance and assessment of cybersecurity practices. Additionally, they detail a set of outcomes which demonstrate sound cybersecurity and process components for organizations to use when evaluating their cybersecurity. 

The U.S. Department of the Treasury and the Bank of England co-chair the G-7 Cyber Expert Group, established in 2015.  

Please find a copy of the Fundamental Elements for Effective Assessment of Cybersecurity for the Financial Sector attached and at this link: G-7 Fundamental Elements For Effective Assessment Of Cybersecurity In The Financial Sector   

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The G-7 Finance Ministers and Central Bank Governors Press Release
Cyber incidents are increasing in scale and sophistication, and improving the cybersecurity of the financial sector remains a critical objective for G-7 countries. 

The G-7 Cyber Expert Group (‘CEG’) continues to facilitate coordination across members and develop a G-7 view on best practices for cybersecurity in the finance sector. 

Last year, we published the FundamentalElements of Cybersecurity for the Financial Sector, a set of non-binding elements which encapsulate effective practices in cybersecurity for public and private financial-sector entities. 

Today we publish the Fundamental Elements for Effective Assessment of Cybersecurity for the Financial Sector. 

The guidance provides institutions with a set of outcomes which demonstrate good cybersecurity practices, including: embedding of cybersecurity considerations into organizational decision-making; acknowledgment that technological disruptions will occur; adaptation to changing cyber risks; creation of a good cybersecurity culture. 

The Fundamental Elements for Effective Assessment also set out five non-prescriptive, high-level process components for organizations to use when assessing their level of cybersecurity. These cover:
(1) setting clear goals for cyber assessments;

(2) establishing measurable expectations;

(3) using a diverse range of tools;

(4) clearly reporting findings and remedial actions;

(5) ensuring that assessments are reliable and fair. 

While legally non-binding, the Fundamental Elements for Effective Assessment set out a clear G-7 view of what effective practice for assessing cybersecurity looks like, which can be applied by financial institutions and authorities alike. 

The guidance is designed to be tailored to different jurisdictions, and to firms of different sizes and levels of maturity. 

Building on the Bari Communiqué of May 2017, the CEG continues to work on third party risks and cross-sector coordination. In addition, the CEG will develop a set of fundamental elements for threat-led penetration testing, and proposals for cross-border cyber crisis simulation exercises involving G-7 financial authorities.  

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