In response to costly and frequent cyber attacks on banks, global financial regulators this week released recommended cybersecurity practices for public and private financial organizations to follow.
The Group of Seven (G7), consisting of financial supervisors from the US, Canada, France, Germany, Italy, Japan, and the UK, indicated its hope that the guidelines will help combat the global nature of cybercrime and promote resiliency of banks.
“Cyber threats present a set of pressing operational, reputational and financial stability risks facing the international financial system. Sovereign borders do not contain these threats, and accordingly, nations must work together to address them,” said US Treasury Deputy Secretary Sarah Bloom Raskin, co-chair of the G-7 Cyber Expert Group. “The fundamental elements … are a significant achievement in our efforts to cooperate and improve cybersecurity within our countries. They are also a testament to the growing international resolve to counter cyberattacks and I encourage private and public sector leaders alike to use them to drive and fortify their institutions’ cybersecurity and resiliency.”
The announcement comes just after the revelation that the SWIFT banking system experienced three hacks in the last several months, one a $101 million heist from the Central Bank of Bangladesh in February 2016. The global banking network has declared fighting cybercrime “a major focus” for the future.
This story in an excerpt of the original. The content originally appeared in Cyber Front Page News.
To read the full story, you must be a subscriber. If you are a subscriber, check your email for Cyber Front Page News on October 17, 2016.
Erin is the managing editor of Advisen’s Front Page News. She has been covering property-casualty insurance since 2000. Previously, Erin served as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at [email protected].
