There has been published the communiqué from the recent G7 Finance Ministers and Central Banks’ Governors meeting.
Among other things the communiqué states:
“In light of the increasing digitalisation of financial services and the evolving cyber threats landscape, it is important to pursue effective approaches for assessment of cyber security at the financial firm and sector level as well. We recognise that the development of common and shared practices to help timely detection of vulnerabilities in the financial system is a key element for enhancing the cyber resilience of single financial institutions and the financial sector as a whole. Given the rapidly evolving nature of cyber risks, effective cyber security assessment requires that current assessment approaches should be enhanced and be complemented by practices that are tailored to bolster cyber resilience, including regular cyber exercises and simulations as well as consideration of how to most effectively leverage penetration tests. To this end, we mandate the G7 Cyber Expert Group to develop a set of high level and non-binding fundamental elements for effective assessment of cybersecurity by October 2017.”
View Communiqué – G7 Finance Ministers and Central Banks’ Governors Meeting, 13 May 2017