The European Central Bank (ECB) announced that the G7 Cyber Expert Group completed a cross-border exercise to ensure they can effectively coordinate and communicate their response in the event of a widespread cyber incident affecting the financial system. The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States with the European Union a “non-enumerated member”.
The primary objective of the exercise was to strengthen the ability of G7 financial authorities in effectively communicating and coordinating their respective responses to facilitate crisis management in the event of a significant cross-border cyber incident affecting the financial sector. The exercise built on previous simulations and workshops, which focused on cyber incident response, recovery management, and crisis communication.
To optimize coordination among G7 financial authorities, the exercise assumed a large-scale cyber attack on financial market infrastructures and entities in all G7 jurisdictions. The exercise brought together 23 financial authorities, including ministries of finance, central banks, bank supervisors, and market authorities, as well as private industry participants.
By conducting such exercises, the G7 Cyber Expert Group aims to bolster the financial sector’s resilience and minimize disruptions across all G7 jurisdictions. This exercise allows the G7 financial authorities to continue to integrate the multiple lines of effort necessary to respond effectively to an incident.