G7 Global Finance Leaders Push Cybersecurity Framework

At G7 meeting, US Treasury official says cybercrime issues ‘not going away.’

Apparently shaken by recent cyberattacks against the financial sector, some representatives of the Group of Seven (G7), the leading advanced economies in the world), reportedly pushed the topic of cybersecurity to the forefront of conversation at the G7’s meetings in Japan last week.

“There are many institutions and many countries who think they can just wait for the perfect technology, a silver bullet to make these issues go away. But they’re not going away,” Deputy Treasury Secretary Sarah Bloom Raskin, who is leading U.S. efforts to create a financial-sector cybersecurity framework among the G7, said, according to The Wall Street Journal report.

Raskin’s opinions echo thoughts voiced from the other side of the globe, by Securities and Exchange Commission chief Mary Jo White. White said at the Reuters Financial Regulation Summit in Washington last week that the US financial sector’s policies inadequately defend against cyber threats.  

G7 nations are conducting assessments of their financial sectors’ cybersecurity infrastructure, and aim to come to agreements about common standards in October. 

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