Canada Supports International Work on Cyber Security
October 30, 2017 – Ottawa, Ontario – Department of Finance Canada
The Government of Canada is committed to identifying and addressing cyber security risks to protect Canadians, as the threat of cyber crime, the theft of personal information and compromised individual privacy has grown over recent years.
To help protect Canadians, the Department of Finance Canada is pursuing greater international co-operation on cyber security in the financial sector, through the G7 and G20, in order to raise awareness and combine efforts to better improve cyber resilience.
In line with this engagement, Finance Minister Bill Morneau has endorsed the G7 Fundamental Elements for Effective Assessment of Cybersecurity in the Financial Sector, which provides financial institutions with a set of best-in-class cyber security practices. This guidance was developed by experts across the G7, and builds on an earlier guidance called the G7 Fundamental Elements of Cybersecurity for the Financial Sector published in 2016.
This guidance also sets out five non-prescriptive high-level processes for organizations to use when assessing their level of cyber security. While not legally binding, it sets out a clear G7 view of effective practices for assessing cyber security, which can be applied by financial institutions and authorities alike.
"Cyber security is a major economic issue and a priority for governments, including Canada, and the financial sector around the world. I am working closely with my G7 counterparts and central bank governors to address cyber security risks in the financial sector, with the common goal of establishing a sound, secure and efficient financial system. With October being international Cyber Security Awareness Month, there is no better time for Canada to reaffirm its commitment to international efforts to combat cyber threats."
- Bill Morneau, Minister of Finance
- G7 Fundamental Elements for Effective Assessment of Cybersecurity in the Financial Sector [PDF 76KB]
Media may contact:
Office of the Minister of Finance
Department of Finance Canada