G7 Sets New Cyber Guidelines for Finance Sector

The Group of Seven industrial powers has come to an agreement over guidelines established to protect the worldwide finance sector. This comes after a number of cross-border thefts from banks by cyber criminals.

Policymakers have become increasingly concerned with cyber security in financial institutions after worldwide financial messaging system SWIFT was found to be hacked on numerous occasions. One hack saw $81m stolen from the central bank in Bangladesh at the New York Federal Reserve.

The guideline, established by central bankers and finance ministers, states:

“Cyber risks are growing more dangerous and diverse, threatening to disrupt our interconnected global financial systems.”

The guidelines were published in a document covering three pages on G7 government agency websites. The G7 consists of the US, Japan, Italy, Germany, France, Canada and Britain.

Sarah Bloom Raskin, the U.S. Deputy Treasury Secretary, told reporters during a telephone call that officials from G7 had assessed their current cyber practices and discovered potential weaknesses.

An official from the Treasury later said that the purpose of the guidance is to encourage firms and regulators to take a risk-management view of cyber security. Stanley Fischer, the Federal Vice Chairman, released a statement saying that the guidelines will address cyber security’s weakest links.

Cyber security has been a major issue among a number of sectors in recent years, with businesses failing to take the necessary precautions against cyber crime. Creating cyber security jobs would give them the protection needed to ensure company data remains safe from hackers.