G-7 Nations Race to Bolster Security Against Cyberattacks in Finance

May 19, 2016

Facing more frequent cyberattacks on the global financial system, the world’s major advanced economies are racing to bolster cybersecurity protections.

Top finance officials from the Group of Seven leading advanced economies, meeting in Japan through Saturday, are taking stock of their nations’ cybersecurity and are working on plans to improve coordination globally.

Recent cyberattacks on banks in Vietnam and Bangladesh put financial institutions and regulators on edge about weaknesses in the global financial infrastructure, including the Swift global interbank messaging service where breaches occurred.

“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,” said Deputy Treasury Secretary Sarah Bloom Raskin, who is leading U.S. efforts to create a financial-sector cybersecurity framework among the G-7.

Read full story…