The U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System on Tuesday expressed support for publication of the Group of 7 (G-7) Fundamental Elements of Cybersecurity for the Financial Sector.
The finance ministers and central bank governors of the G-7 countries on Tuesday released the fundamental elements, which provide a concise set of principles on best practices in cybersecurity for public and private entities in the financial sector.
The fundamental elements help address cyber risks facing the financial sector from both entity-specific and system-wide perspectives. The elements are building blocks that public or private entities in the financial sector can use to design and implement their cybersecurity strategy, according to a press release by the Department of Treasury.
Public authorities, including finance ministries, central banks, and regulators, can also use the elements to inform their efforts to both protect the financial sector from cyberattacks and to effectively respond to and recover from incidents when they occur.
“Cyber threats present a set of pressing operational, reputational and financial stability risks facing the international financial system. Sovereign borders do not contain these threats, and accordingly, nations must work together to address them,” said Treasury Deputy Secretary Sarah Bloom Raskin, co-chair of the G-7 Cyber Expert Group.
“The fundamental elements announced today are a significant achievement in our efforts to cooperate and improve cybersecurity within our countries. They are also a testament to the growing international resolve to counter cyberattacks and I encourage private and public sector leaders alike to use them to drive and fortify their institutions’ cybersecurity and resiliency,” she added.
“The international financial architecture is only as strong as its weakest link and that is why the United States should work with our partners around the world to bolster their information security and resiliency,” said Federal Reserve Board Vice Chairman Stanley Fischer. “These elements are a crucial step in further hardening each link in the chain of our global financial system,” he added.