The G7 Cyber Expert Group (CEG) successfully completed a cross-border coordination exercise on April 17th, 2024, simulating a large-scale cyberattack on financial institutions across all G7 nations. This exercise aimed to strengthen communication and response capabilities among G7 financial authorities for effective crisis management in the event of a real-world cyber incident.
This exercise builds upon previous simulations and workshops focused on cyber incident response, recovery management, and crisis communication. It brought together 23 financial authorities, including the ministries of finance, central banks, bank supervisors, market authorities, and private industry participants.
“By conducting these exercises, the G7 CEG aims to bolster the financial sector’s resilience and minimize disruptions across all G7 jurisdictions,” stated a spokesperson for the G7 CEG. “This exercise allows G7 financial authorities to further integrate the various lines of effort necessary to effectively respond to a cyber incident.”
In today’s interconnected world, cross-border coordination, incident response preparedness, and information exchange remain top priorities for the G7. The G7 CEG continues to collaborate on cybersecurity and stands ready to respond to evolving cyber threats posed to the global financial system.
