View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Cybersecurity
October 12, 2016

G7 issues cyber security guidelines for financial sector

Cyber attacks against financial institutions have been in the spotlight since $81 million was stolen from the Bangladeshi central bank.

By Alexander Sword

New guidelines from the Group of 7 (G7) will push financial institutions to design a cyber security strategy and an incident response plan as the risks of cyber attacks mount.

The 8-point framework covers issues such as establishing governance and accountability structures as well as procedures for assessing risk.

Banks are currently under increasing pressure from cyber attacks.

Banks are currently under increasing pressure from cyber attacks.

It pushes financial entities to establish systematic monitoring protocols, as well as providing a step-by-step guide for responding to a breach and resuming operations.

The G7 guidelines also suggest that institutions share information in a “timely” fashion with internal and external stakeholders.”

Finally, they say that organisations need to regularly review their cyber security practices to update them in response to new threats.

The elements are “non-binding” and apply to both private and public financial institutions. They are also designed to allow public authorities to guide their public policy, regulatory, and supervisory efforts.

Security in the financial sector has come under increased scrutiny after an attack in February using the SWIFT network saw $81m (£56m) stolen from Bangladesh’s central bank, after attackers exploited vulnerabilities in banks funds’ transfer initiation environments before sending the messages over SWIFT.

Content from our partners
Scan and deliver
GenAI cybersecurity: "A super-human analyst, with a brain the size of a planet."
Cloud, AI, and cyber security – highlights from DTX Manchester
SWIFT

The CISO of SWIFT recently called for banks to share information.

SWIFT is the primary communications channel for financial institutions engaged in correspondent banking around the world, transmitting messages relating to payments, securities, treasury and trade between financial institutions.

“Increasing in sophistication, frequency, and persistence, cyber risks are growing more dangerous and diverse, threatening to disrupt our interconnected global financial systems and the institutions that operate and support those systems,” said a statement posted on the UK Government’s website.

“The elements serve as the building blocks upon which an entity can design and implement its cybersecurity strategy and operating framework, informed by its approach to risk management and culture. The elements also provide steps in a dynamic process through which the entity can systematically re-evaluate its cybersecurity strategy and framework as the operational and threat environment evolves.”

Topics in this article : ,
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU