Italy G7 Ministers, Leaders
On May 13, Italy issued communique from meeting of G7 ministers.
- May 11-13 meeting in Bari convene G7 finance ministers, central bank governors.
- Delegates of Italy, Canada, Japan, US, UK, France, Germany, EC, ECB, Eurogroup.
- May 12 meeting with academics, on economic growth, and fight against inequality.
- The second session discuss issues related to financial services, regulation, growth.
- Enhance implementation of structural reforms, and coordinate with macro policies.
- Committ to reinforce tools and instruments to effectively counter terrorist finance.
- Robust implementation of sanctions adopted by Security Council as a strategic tool.
- Support inclusion and mitigate AML risks in money value transfer services (MVTS).
- Cyber Risk at Firm Level
- Pursue effective approaches to assess cyber security risk at a financial entity level.
- Common practices to timely detect vulnerabilities is key element for firm resilience.
- By regular cyber exercise and simulations, to effectively leverage penetration tests.
- Mandate G7 cyber expert group (G7 CEG) develop cyber assessment by Oct. 2017.
- CEG to work on the third party risks and the coordination with other critical sectors.
- Cyber Risk Coordination
- Recognize that cyber incidents represent growing threat, needing policy response.
- No point of cyberspace secure, as long as cyber threats persist in the environment.
- Drive to strengthen financial system against cyber attack can only achieve results.
if accompanied by measures that reduce level of insecurity in cyberspace as whole.
- Policies must be based on reliable, impartial, comprehensive and accessible data.
- Call on governmental and industry to enhance sharing cyber security information.
- Definition, collection method, data, to be consistent across countries, comparable.
- Sharing experiences and best practices among stakeholders would be beneficial.
- OECD Cyber Insurance
- G-7 welcomed the development of cyber insurance market and OECD sector work.
- Backed OECD May 2017 report on supporting an effective cyber insurance market.
- Insurance cover for cyber risk allows companies, individuals to transfer exposures.
- Insurance markets and companies can potentially contribute to manage cyber risk.
- Promote awareness, encourage measurement, and by incentives for risk reduction.
- Market must offer a material cover, to large share of companies, individuals at risk.
- May 27 Leaders Summit
- On May 27, 2017, G7 leaders issued communique, after their meeting in Taormina.
- Did not mention new regulations or implementation, nor any need for deregulation.
- Committed to tackle all corruption and tax evasion to reinforce trust in government.
- Noted US is not in a position to join consensus of other countries on climate topics.
- Also issued plan on innovation, skills and labor, and a gender-responsive economy.
||Banca D'Italia; G-8; ITA Government; OECD
||B/D; Bank; Ins; SIFI
||Cmq, PR, 5/27/2017, Cmq, PR, 5/13/2017
||Financial; Reporting; Risk; Treasury
||Canada; European Union; France; Germany; Global Regulator; Italy; Japan; United States of America
||Banking; Corporate; Insurance; Securities
Last substantive update on 05/28/2017