G7 Nations Plan To Team Up To Tackle Financial Cybercrime

Group of Seven nations’ new guidelines include sharing updates by governments, private firms and regulators, plus joint address of shortfalls.

Worries about growing risks from cybercriminals to the interconnected global financial systems has led the Group of Seven (G7) industrial nations to release guidelines directing members how to monitor their cybersecurity practices from a risk management viewpoint, reports Reuters. These principles, reportedly non-binding, are formulated by G7 finance ministers and central banks.

The guidelines were prepared after a study of existing cybersecurity practices and are aimed at identifying weak points in global applications, says Reuters. Governments and financial companies are told to share updates on joint threats and fight breaches from a common platform. These instructions, seen as a necessity after the US Federal Reserve reported more than 50 breaches between 2011 and 2015, also extend to firms and regulators across the world.

“Maintaining trust and confidence in the financial sector significantly improves when entities and public authorities have the ability to mutually assist each other,” the guidelines say.

Read the full report at Reuters.

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