The Group of Seven industrialized nations has set guidelines for financial institutions to follow in order to fend off cyberattacks, the Finance Ministry and Bank of Japan said Tuesday.
The "G-7 Fundamental Elements of Cybersecurity for the Financial Sector" was put together by the G-7 — Britain, Canada, France, Germany, Italy, Japan and the United States — amid the increasing severity of cybercrimes.
"Cyber risks are growing more dangerous and diverse, threatening to disrupt our interconnected global financial systems and the institutions that operate and support those systems," the guidelines said.
The nonbinding guidelines are meant to be tailored by each institution in the sector to fit its own specific operational and threat landscape, role in the industry, and legal and regulatory requirements.
They call for clarifying the roles and responsibilities of personnel in dealing with cyberattacks, and emphasize that boards of directors should oversee the effectiveness of cybersecurity programs.
The guidelines also cite the importance of engaging in timely information sharing with internal and external stakeholders on threats, incidents and responses to limit damage.
They also call for reviewing cybersecurity strategy regularly and addressing changes in cyber risks by reallocating resources, identifying and repairing gaps, and incorporating lessons learned.
"Working together, informed by these elements, private and public entities and public authorities can help bolster the overall cybersecurity and resiliency of the international financial system," the guidelines said.