G7 Publishes Fundamental Elements of Cyber Security for the Financial Sector


Shearman & Sterling LLP

The G7 Cyber Expert Group published a statement on the fundamental elements of cyber security in the financial sector. The high-level elements are intended to assist a financial sector entity to design and implement their cyber security strategy and operating framework as well as to guide public authorities in developing their policies. The elements include the establishment of a cybersecurity strategy and operating framework, governance, risk and control assessments, monitoring, timely and proportionate responses to a cyber incident, the recovery of operations and remediation following a cyber security event, sharing information and reviewing the strategy and framework regularly to address relevant changes. The elements are not legally binding. 

View the elements of cyber security.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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