G7 Cyber Expert Group Publishes Fundamental Elements of Collective Cyber Incident Response and Recovery in the Financial Sector

As part of its Fundamental Elements Series, the G7 Cyber Expert Group - chaired by the U.S. Department of the Treasury and the Bank of England - released today a policy paper on Collective Cyber Incident Response and Recovery in the Financial Sector. Since major cyber incidents increasingly have a global character, effective cyber incident response and recovery are ever-more dependent on a collective response. This includes cooperation, both domestically and across borders, between financial authorities, financial entities and their relevant third-party service providers, as well as with actors from other sectors, including government authorities. A voluntary or formal, coordinated collective cyber incident response and recovery approach offers significant advantages.