Introduction section G7: new steps forward on cyber security of the global financial system
G7: new steps forward on cyber security of the global financial system
Ministers of Economics and Finance and Central Bank Governors recently approved the publication of a set of third-party cyber risk management principles (G7 Fundamental Elements for Third Party Cyber Risk Management in the Financial Sector) and on countering ransomware risks (G7 Fundamental Elements of Ransomware Resilience for the Financial Sector). Thus, the G7 continues its efforts to strengthen the digital resilience of the financial system.
The G7 Fundamental Elements for Third Party Cyber Risk Management in the Financial Sector update the principles published in 2018 on the same topic in relation to the increasing use of ICT outsourcing and new forms of cyber threats to the supply chain. The document includes explicit recommendations, addressed to financial entities, for the monitoring of supply chain risks and the procurement of ICT services. It also contains recommendations for financial authorities to identify critical service providers (critical service providers) and to mitigate concentration risks.
The G7 Fundamental Elements of Ransomware Resilience for the Financial Sector contains recommendations to public and private financial entities on how to address the growing threat of ransomware attacks on the assumption that financial entities should prepare for possible attacks and should therefore take all necessary measures in advance to contain these risks and mitigate their impacts, such as aspects of communication with stakeholders and those relating to the possible payment of the ransom.
- G7 Fundamental Elements for third party cyber risk management in the financial sector (13.10.2022)
- G7 Fundamental Elements of ransomware resilience for the financial sector (13.10.2022)