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11 October 2016

Fun­da­men­tal El­e­ments of Cy­ber­se­cu­ri­ty for the Fi­nan­cial Sec­tor

The G7 countries attach great importance to cyber security in the financial sector. Therefore, minimum standards for cyber security in the financial services sector should be designed to protect consumers, institutions, data and infrastructure. Due to the global networking of our financial systems, a strategic bundling of cyber security activities at the international level is important. An expert group on this subject, in which Germany was represented by representatives of the Federal Ministry of Finance, the Bundesbank and the Federal Financial Supervisory Authority (BaFin), has prepared a report with eight basic elements, which are to be recommended to the financial sector in the G7 countries as a basic guarantee to be implemented. During the autumn meeting of the IMF and the World Bank, the G7 Finance Ministers and Central Bank Governors have endorsed these Fundamental Elements of Cybersecurity for the Financial Sector on 7 October 2016 in Washington D.C. .

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