Experts conduct cross-border financial cyber attack exercise

The G7 Cyber Expert Group said Tuesday it had completed a cross-border coordination exercise that would ensure its effectiveness in a widespread financial sector cyber incident.

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Authorities with the group said they routinely practice to ensure their effectiveness, and that the primary objective of the April 17 exercise was to strengthen the ability of G7 financial authorities to communicate and coordinate their responses during a crisis. The exercise built on previous simulations focusing on cyber incident responses, recovery management and crisis communication in the event of a cross-border cyber incident affecting the financial system.

“This exercise is another critical opportunity for us to work with our G7 partners in our ongoing effort to combat cyberattacks,” Deputy Secretary Wally Adeyemo said. “These simulations help strengthen the global financial system by ensuring that G7 countries are able to effectively coordinate and respond in the event of a crisis.”

The exercise assumed a large-scale cyber attack on financial market infrastructures in all G7 jurisdictions. Bringing together 23 financial authorities, including ministries of finance, central banks, bank supervisors and market authorities, the group conducted the exercise to allow G7 authorities to integrate multiple lines of effort necessary to respond to such an incident.

Officials said the exercise allows the G7 jurisdictions to continuously collaborate on cybersecurity and be ready to respond to any cyber threats posed to the financial system.