Cyber Risk Management – G7 Cybersecurity Guidelines For The Financial Sector

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 guidelines are useful for all organizations.

Cyber Risks

Cyber risks are the risks of loss and liability (e.g. business disruption, financial loss, loss to stakeholder value, reputational harm, trade secret disclosure and other competitive harm, legal noncompliance liability and civil liability to customers, business partners and other persons) to an organization resulting from a failure or breach of the information technology systems used by or on behalf of the organization, including incidents resulting in unauthorized access, use or disclosure of regulated, protected or sensitive data. Cyber risks can result from internal sources (e.g. employees,