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REGULATION/LEGISLATION

G-7 countries establish elements to target cybersecurity in global finance industry

cyber security

The Group of Seven countries on Tuesday announced it agreed to a set of eight common elements to target cybersecurity strategies in the global financial industry.

The G-7 — the U.S., Canada, France, Germany, Italy, Japan and the United Kingdom, along with a representative of the European Union — established the non-binding elements “as the building blocks upon which an entity can design and implement its cybersecurity strategy and operating framework, informed by its approach to risk management and culture,” according to a statement from the Japan Finance Ministry.

The elements are cybersecurity strategy and framework, governance, risk and control assessment, monitoring, response, recovery, information sharing and continuous learning. The elements “are designed for financial sector private and public entities to tailor to their specific operational and threat landscape, role in the sector, and legal and regulatory requirements,” the statement said.

The G-7 also said it will continue to work to improve cybersecurity in the financial sector through its G7 Cyber Expert Group.

Tuesday's announcement stemmed from discussions held at the last G7 meeting in Shima, Japan, which was chaired by Japan Prime Minister Shinzo Abe.

Further details on the financial cybersecurity announcement are on the ministry's website.