The U.S. Department of the Treasury, as co-chair of the G7 Cyber Expert Group with the Bank of England, announced the publication of a policy paper setting out “Fundamental Elements” for collective cyber incident response and recovery in the financial sector. The paper provides non-binding, high-level principles intended to guide the establishment and refinement of collective response arrangements across jurisdictions and the wider financial ecosystem. The release frames major cyber incidents as increasingly global in character and therefore reliant on coordinated domestic and cross-border cooperation among financial authorities, financial entities and relevant third-party service providers, alongside actors from other sectors including government authorities. It highlights the advantages of voluntary or formal collective arrangements, including improved information sharing and communication to contain incident impacts, support financial system stability, and reinforce public confidence, while aiming for greater convergence and compatibility across approaches without limiting national, sectoral, or organizational tailoring.
U.S. Department of the Treasury 2025-12-03
U.S. Department of the Treasury and Bank of England-chaired G7 Cyber Expert Group publishes fundamental elements for collective cyber incident response and recovery
The U.S. Department of the Treasury, co-chairing the G7 Cyber Expert Group with the Bank of England, published a policy paper outlining "Fundamental Elements" for cyber incident response and recovery in the financial sector. The non-binding principles aim to enhance coordinated domestic and cross-border cooperation, improve information sharing, and support financial system stability. The paper emphasizes the benefits of voluntary or formal collective arrangements to contain incident impacts and reinforce public confidence.