The G7 Cyber Expert Group (CEG) was founded in 2015 under Germany’s G7 presidency. Since then, the Bank of England and the US Department of the Treasury have been its co-chairs and have provided the CEG Secretariat. Representatives from the central banks, finance ministries and supervisory authorities of the G7 Member States work together in the CEG. Germany’s member organisations are the Bundesbank, the Federal Ministry of Finance and the Federal Financial Supervisory Authority (BaFin).

The CEG reports to the G7 finance ministers and central bank governors. It has a permanent mandate and currently performs its tasks on an ongoing basis. The group usually meets five times a year. It also maintains a regular dialogue with the financial industry in all G7 Member States through these meetings. 

The overall objective of the group is to promote cyber security in the financial sector – for instance, by increasing resilience to cyber risks and through cooperation between with financial authorities. This is because the fallout from major cyber incidents and the threat of cyberattacks do not stop at national borders.

Since it was established, the CEG has developed and published recommendations on various aspects of cybersecurity, such as “Fundamental Elements for Third Party Cyber Risk Management in the Financial Sector” (see the links below). These can also be found on the CEG’s website, alongside other information.

Another focus of the CEG’s work is preparing and carrying out G7-wide cyber crisis exercises. The most recent cross-border coordination exercise (CBCE) was conducted in April 2024.