Can the G7 really protect the financial world from cybercrime?

13 October 2016 Internet, IT & e-Discovery Blog Blog
Authors: Peter Vogel

Reuters reported that the Group of Seven (G7) industrial powers (Britain, Canada, France, Germany, Italy, Japan and the US) “agreed on guidelines for protecting the global financial sector from cyber attacks following a series of cross-border bank thefts by hackers.”  The October 11, 2016 report entitled “G7 sets common cyber-security guidelines for financial sector” included these comments:

Policymakers have grown more worried about financial cyber security in the wake of numerous hacks of SWIFT, the global financial messaging system, including an $81 million theft in February from the Bangladeshi central bank’s account at the New York Federal Reserve.

According to the G7 guidelines the “Cyber risks are growing more dangerous and diverse, threatening to disrupt our interconnected global financial systems” and contain the following Elements:

Element 1: Cybersecurity Strategy and Framework.

Element 2: Governance.

Element 3: Risk and Control Assessment.

Element 4: Monitoring.

Element 5: Response.

Element 6: Recovery.

Element 7: Information Sharing.

Element 8: Continuous Learning.

It’s hard to image that the G7 can be successful without buy in from all countries around the world.

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