A simulation aimed at enhancing responses to cyber threats in the financial sector gathers global authorities and industry experts.
Frankfurt, Germany- On Tuesday, the European Central Bank announced that the G7 Cyber Expert Group has successfully conducted a cross-border coordination exercise on April 17th, aimed at strengthening the response mechanisms of financial authorities across G7 nations in the event of a significant cyber incident. This simulation is part of ongoing efforts to ensure preparedness against potential disruptions to the financial system.
Exercise Details:
- The simulation focused on a hypothetical large-scale cyber attack targeting financial market infrastructures and entities across all G7 jurisdictions.
- It involved 23 financial authorities including ministries of finance, central banks, banking supervisors, and market authorities, along with participants from the private sector.
- This exercise built upon previous sessions that focused on cyber incident response, recovery management, and crisis communication.
The primary objective was to enhance the effectiveness of communication and coordination among G7 financial authorities, facilitating efficient crisis management during potential cyber threats. The ECB claims that these exercises are crucial for maintaining the resilience of the financial sector and minimizing disruptions.