The G-7 group of nations on Oct. 11 issued cybersecurity best practices for all entities in the financial sector. The document contains eight high-level "elements" that are intended to serve as building blocks for an entity's cybersecurity strategy and operating framework. While the guidance is non-binding, it represents the shared views of finance ministers and central bank governors from the G-7 nations.
The U.S. Treasury and Federal Reserve issued a joint statement welcoming the release. “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."