The G7 Cyber ​​working group meets in Italy

(To Alessandro Rugolo)
22/05/24

Born in 2015 to give continuity to work on cyber policies and strategies for the financial world among the G7 countries, the group includes members from the banking and financial world of seven countries:

- Canada (Bank of Canada, Department of Finance Canada, Office of the Superintendent of Financial Institutions);

- France (Directorate General of the Treasury, Prudential Supervision and Resolution Authority);

- Germany (Deutsche Bundesbank, Federal Financial Supervisory Authority, Federal Ministry of Finance);

- Italy (Bank of Italy, CONSOB (National Commission for Companies and the Stock Exchange), Ministry of Economy and Finance);

- Japan (Bank of Japan, Financial Services Agency, Japanese Ministry of Finance);

- UK (Bank of England, Financial Conduct Authority, His Majesty's Treasury);

- United States (Department of the Treasury, Federal Reserve Board of Governors, Securities and Exchange Commission).

In addition to the members of the G7, it includesXNUMX-XNUMX business days (European Banking Authority, European Central Bank, European Commission).

In recent days it met under the presidency of ACN to address some of the most important issues on the scene cyber current, in particular:

  • interdependence between cybersecurity and artificial intelligence. It is in fact vitally important to know the opportunities that this technology offers and manage the resulting risk;
  • to strengthen the security and resilience of the digital ecosystem;
  • greater collaboration between the countries involved, to strengthen the cybersecurity of infrastructures in sectors critical to society and the economy, including the energy sector.

Some brief considerations:

  1. We continue to talk about cyber security at very high level work tables, rules continue to be written and obligations dictated, but What is being done to bring the topic to school desks? What is being done to prepare teachers to understand and explain new technologies and related risks? From the increasingly frequent requests I receive, I would say nothing!
  2. The problems related to cyber security they have been known for more than twenty years now and it seems that no great progress has been made, on the contrary. Our society's ever-increasing dependence on digital tools is one of the main risk factors. What could happen if one day you woke up and no longer had any digital tools at your disposal? If a particularly powerful attack were to simultaneously bring down major computer and telecommunications systems for a period of 10 days, would our society be able to ensure people's survival? Probably not!

These are provocative questions but I think they are the right questions to follow to chart the path.

To learn more:

- https://www.cybersecitalia.it/g7-cyber-frattasi-acn-infosharing-su-minac...

- https://home.treasury.gov/policy-issues/international/g-7-and-g-20/g7-cy...