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Washington, D.C. | 30.10.2017

G7 countries agree on Fundamental Elements for Effective Assessment of Cybersecurity in the Financial Sector

Cybersecurity in the financial sector remains a critical objective for G7 countries. The G7 Cyber Expert Group, with members from the Federal Ministry of Finance, the Bundesbank and the Federal Financial Supervisory Authority (BaFin) representing Germany, this year prepared a report setting out the Fundamental Elements for Effective Assessment of Cybersecurity in the Financial Sector. This report was adopted by the G7 finance ministers and central bank governors on 12 October 2017 on the margins of the IMF’s annual meeting in Washington, DC.

The Fundamental Elements for Effective Assessment of Cybersecurity in the Financial Sector provide guidance on good cybersecurity practices for institutions based on the G7 Fundamental Elements of Cybersecurity in the Financial Sector published in October 2016. They also set out a clear G7 view of what effective practice for assessing cybersecurity looks like.

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