On October 14, 2016, the Government of Canada announced its endorsement of the G7 Fundamental Elements of Cybersecurity for the Financial Sector guidelines adopted by the Group of Seven (“G7”) to assist financial sector entities to design and implement a suitable cybersecurity strategy and operating framework. The G7 cybersecurity guidelines describe eight basic building blocks for a cybersecurity strategy and operating framework: cybersecurity strategy and framework, governance, risk and control assessment, monitoring, response, recovery, information sharing and continuous learning.
The G7 cybersecurity guidelines are consistent with cyber risk management guidance previously issued by Canadian financial industry regulators and self-regulatory organizations. While the G7 cybersecurity guidelines are directed to the financial sector, they provide a helpful summary of some basic cyber risk management practices and considerations that are useful for all organizations.
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