WASHINGTON—The G7 Cyber Expert Group (CEG) – which U.S. Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure (OCCIP) co-chairs alongside the Bank of England – recently released two reports addressing ransomware and third-party risk within the financial sector. These free and publicly available resources are intended to help financial sector entities better understand cybersecurity topics as agreed upon by a multilateral consensus.
The Fundamental Elements of Ransomware Resilience for the Financial Sector provides financial entities with high-level building blocks for addressing the ransomware threat. The document is part of a series of Fundamental Elements produced by the CEG, all of which are non-prescriptive and non-binding, and provide an overview of the current policy approaches, industry guidance, and best practices in place throughout the G7. The aim of this document is for financial institutions – both public and private – to use its guidance for their own internal ransomware mitigation activities. Additionally, the collaboration between the G7 jurisdictions on producing this report highlights global efforts to promote the…
