G7 countries endorse fundamental elements of cybersecurity

Cybersecurity in the financial sector is a major topic for the G7 countries. Hence the need for minimum cybersecurity standards in the financial services industry to provide suitable protection for consumers, institutions, data and infrastructures. In an interconnected global financial system, it is important for cybersecurity activities to be strategically bundled at the international level. The G7 Cyber Expert Group, a body in which Germany was represented by specialists from the Federal Ministry of Finance, the Bundesbank and the Federal Financial Supervisory Authority (BaFin), was therefore tasked with drawing up a report setting out eight fundamental elements that will be recommended for adoption by the financial sector in the G7 countries as the building blocks for designing and implementing cybersecurity strategies and operating frameworks. The G7 finance ministers and central bank governors endorsed these G7 Fundamental Elements of Cybersecurity for the Financial Sector on 7 October 2016 on the margins of the annual meeting of the International Monetary Fund (IMF) in Washington, DC.