The G7 Cyber Expert Group recently completed a cross-border coordination exercise in the financial sector, aimed at enhancing crisis management capabilities in response to cyber incidents. Deputy Secretary Wally Adeyemo emphasized the importance of such exercises, stating, “This exercise is another critical opportunity for us to work with our G7 partners in our ongoing effort to combat cyberattacks.”
The exercise involved 23 financial authorities from G7 jurisdictions, including ministries of finance, central banks, bank supervisors, and market authorities, as well as private industry participants. It focused on strengthening communication and coordination among G7 financial authorities to facilitate effective crisis management in the event of a significant cross-border cyber incident affecting the financial sector.
By simulating a large-scale cyber attack on financial market infrastructures and entities across all G7 countries, the exercise aimed to optimize coordination and response strategies. The ultimate goal is to bolster the resilience of the financial sector and minimize disruptions across all G7 jurisdictions.
The G7 Cyber Expert Group's efforts in conducting such exercises reflect a commitment to enhancing cross-border coordination, incident response preparedness, and information exchanges to address cyber threats to the financial system. These initiatives serve to ensure that G7 countries are well-equipped to coordinate and respond effectively in times of crisis.
The G7 Cyber Expert Group plays a crucial role in coordinating cybersecurity policy and strategy across G7 jurisdictions. Through preparedness, consensus on the threat landscape, and a shared approach to risk mitigation, the group aims to improve the cyber resiliency of the financial sector. Various sets of Fundamental Elements have been published by the group, such as the G7 Fundamental Elements of Ransomware Resilience for the Financial Sector and G7 Fundamental Elements for Third Party Cyber Risk Management in the Financial Sector.
In an era of growing digital interconnectivity, the G7 Cyber Expert Group's ongoing collaboration on cybersecurity underscores the importance of international cooperation in addressing cyber threats and safeguarding the global financial system.
