Cybersecurity remains a major concern, and now that the G7 is getting involved in the discussion, changes may be coming very soon. Thinking this issue will go away on its own will yield even more worrying results than right now, and undertaking action is the only course available.
G7 Wants A Proper Cybersecurity Framework
A lot of people are getting concerned over the recent string of cyber attacks against the financial sector. Even the Group of Seven, who represent the seven leading advanced economies of the world, have expressed their concern regarding these matters, and actively advocate for an improved cybersecurity solution.
In fact, the topic of cybersecurity was moved to the top of priority list during last week’s G7 meeting in Japan. Given the wide variety of institutions and countries involved in the financial sector, there is no time to waste. Waiting for the perfect cybersecurity solution is not the approach anyone should embrace right now, and the threats will not go away either.
The G7 is not the only entity to lobby for better security standards in the financial sector, though. The SEC mentioned how the US policies are inadequate in defending potential cyber attacks, and a new framework has to be created sooner rather than later. However, this is still all only talk, rather than getting things done.
According to WSJ, the G7 has launched an assessment of own members’ cybersecurity infrastructure, which will hopefully lead to common security standards being created shortly. This assessment should be completed by October of 2016, and we can only hope no major cybersecurity incidents take place between now and then.
One possible approach to this looming threat is by establishing proper communication and collaboration between financial institutions, rather than looking at stricter regulation or government-controlled frameworks. However, given the nature of the financial sector, it is not unlikely the latter approach will be trialed and tested first before real cybersecurity solutions are developed.
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