The G7 countries continue to attach great importance to cybersecurity in the financial sector. The G7 Cyber Expert Group has published two more reports outlining fundamental elements of risk management. Germany is involved in the Expert Group via representatives of the German Ministry of Finance, the Bundesbank and BaFin, the German Financial Supervisory Authority. The Expert Group’s reports were endorsed by the G7 finance ministers and central bank governors in Bali (Indonesia) on 11 October 2018, on the sidelines of the International Monetary Fund’s annual meeting. The reports are intended as recommendations.
The “G7 Fundamental Elements for Third Party Cyber Risk Management in the Financial Sector” focus on risk management factors for the financial industry with regard to individual uses and the management of third parties, for example cloud providers.
The “G7 Fundamental Elements for Threat-Led Penetration Testing” provide the financial industry with guidelines on using simulation in order to better assess its resilience against malicious cyber incidents.
The fundamental elements proposed just recently follow the publication of fundamental elements for cybersecurity in the financial sector and their effective assessment in 2016 and 2017.