The G7 Cyber Expert Group recently completed a cross-border coordination exercise on April 17, 2024, aimed at strengthening the ability of G7 financial authorities to effectively communicate and coordinate their responses in the event of a widespread cyber incident impacting the financial system.
This exercise, which involved 23 financial authorities from G7 jurisdictions, focused on crisis management in the event of a significant cross-border cyber incident affecting the financial sector. The scenario assumed a large-scale cyber attack on financial market infrastructures and entities in all G7 countries, allowing participants to practice their response and recovery strategies.
By conducting such exercises, the G7 Cyber Expert Group aims to enhance the resilience of the financial sector and minimize disruptions across all G7 jurisdictions. This exercise highlighted the importance of cross-border coordination, incident response preparedness, and information exchanges in addressing cyber threats to the financial system.
The G7 Cyber Expert Group plays a crucial role in coordinating cybersecurity policy and strategy across G7 jurisdictions. Through initiatives like the publication of Fundamental Elements for Ransomware Resilience and Third Party Cyber Risk Management in the Financial Sector, the group seeks to improve cyber resiliency and mitigate risks in the financial sector.
In an ever-changing and interconnected world, the G7 Cyber Expert Group remains committed to collaborating on cybersecurity and standing ready to respond to cyber threats that could impact the financial system.