The G7 Cyber Expert Group, led by the U.S. Department of the Treasury and the Bank of England, has published a new policy paper outlining key principles for collective cyber incident response and recovery in the financial sector.
The group’s release comes as cyber incidents with global impact are becoming more common, highlighting the need for coordinated responses among financial authorities, industry participants, third-party service providers, and government agencies. The report emphasizes that both voluntary and formal collective approaches can help improve information sharing and communication during cyber events. These measures are intended to limit damage from incidents, support financial system stability, and maintain public trust.
Cory Wilson, Deputy Assistant Secretary for Cybersecurity and Critical Infrastructure Protection at the U.S. Treasury, and Duncan Mackinnon, Executive Director for Supervisory Risk at the Bank of England—who co-chair the G7 Cyber Expert Group—stated: “In today’s deeply interdependent financial system, responding to shared collective threats in an effective and coordinated manner has never been more important. The fundamental elements of collective cyber incident response and recovery will be a useful tool for organizations to consider when reviewing their own incident response protocols.”
The newly released Fundamental Elements document provides non-binding guidelines designed to help establish or refine arrangements for joint responses to cyber incidents within the financial sector. These high-level principles are meant to encourage alignment across different jurisdictions while allowing adaptation based on national regulations or specific organizational needs.
Founded in 2015, the G7 Cyber Expert Group includes representatives from all G7 countries’ financial authorities as well as those from the European Union. The group works on coordinating cybersecurity policy among its members and serves as a forum for sharing information and strategies related to incident response.
