The G7 Cyber Expert Group has published new guidelines for coordinating international responses to major cyberattacks targeting the financial sector.
The policy paper outlines fundamental elements for collective cyber incident response and recovery. The initiative comes as cyber threats increasingly cross borders, requiring financial institutions and governments to work together during attacks that could destabilize global markets.
The guidelines represent non-binding principles designed to help organizations improve their incident response protocols. They aim to increase compatibility between different national approaches while allowing flexibility for local regulations and market conditions.
The co-chairs of the G7 Cyber Expert Group, Cory Wilson and Duncan MacKinnon, stressed the vital need for a coordinated response to such threats. Wilson is the U.S. Treasury Deputy Assistant Secretary for Cybersecurity and Critical Infrastructure Protection, while MacKinnon serves as the Bank of England’s Executive Director for Supervisory Risk. Their leadership reflects the priority both nations place on protecting financial infrastructure from cyber threats.
“In today’s deeply interdependent financial system, responding to shared collective threats in an effective and coordinated manner has never been more important,” the co-chairs said in a statement provided by the Treasury Department. “The fundamental elements of collective cyber incident response and recovery will be a useful tool for organizations to consider when reviewing their own incident response protocols.”
The policy paper emphasizes the advantages of coordinated responses, including enhanced information sharing and improved communication during incidents. Such cooperation could help contain cyber attacks while maintaining public confidence in the financial system.
The guidelines stress collaboration between financial authorities, banks, third-party service providers, and government agencies across different sectors. This collective approach becomes crucial as major cyber incidents increasingly affect multiple countries simultaneously.
The G7 Cyber Expert Group includes financial authority representatives from all G7 nations plus the European Union. Founded in 2015, the group coordinates cybersecurity policy and serves as a platform for information sharing and incident response among member jurisdictions.
