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June, 28, 2023
Financial Services Agency

Results of the G7 Cybersecurity Seminar 2023

１．Overview of the event

 On May 9, 2023, the Financial Services Agency (FSA) hosted the "G7 Cybersecurity Seminar 2023" in a hybrid arrangement attended by more than 400 in-person and on-line participants both from Japan and overseas.
 At the seminar, speakers from government offices and financial industry from Japan and abroad, including one of the co-chairs of the G7 Cyber Expert Group (CEG)*, engaged in lively discussions on the agenda from multiple points of view-- the agenda being: recently published/amended G7 Fundamental Elements (FEs) documents (i.e., updated FEs for Third Party Cyber Risk Management and FEs for Ransomware Resilience), aimed at strengthening cybersecurity in the financial sector; and the enhancement of cybersecurity at regional financial institutions.

*G7 CEG: Established in 2015 with the endorsement of the G7 Ministers of Finance and Central Bank Governors’ Meeting to foster cybersecurity in the financial sector and to enhance cooperation among the G7. Its members include the FSA, as well as financial regulators, ministries of finance, and central banks from G7 countries and the European Union (EU).

２．Content of the seminar

◆13:30-13:35 Opening remarks: KURITA Teruhisa (Director-General, Strategy Development and Management Bureau, FSA)

 At the beginning of the meeting, Mr. Kurita gave an opening address, and referred to the G7 CEG's activities and awareness of issues, as well as future prospects for strengthening cybersecurity.
＜Photo 1: Kurita, Director-General of the Strategy Development and Management Bureau, giving the opening remarks＞
＜写真１：開会挨拶をする栗田総合政策局長＞
 

 












 
Japanese Video(YouTube)
English Video(YouTube)

◆13:35-15:20 Session 1: G7 CEG’s Fundamental Elements
　On the two G7 FEs documents published in 2022, the speakers provided explanations on the details of each document and as well as the key points of the revision. In addition, at the panel discussion and Q&A session, the speakers shared their experience and had valuable discussions including measures to increase the cyber resilience of third parties and the importance of utilizing backups in preparing for ransomware attacks.
＜Photo 2: Session 1＞
＜写真２：セッション１の様子＞
  • Moderator
    • Todd Conklin, Co-Chair of G7 CEG, Deputy Assistant Secretary, Cyber Security/Critical Infrastructure, U.S. Department of the Treasury
  • Speakers
    • Matthias Rest, G7 CEG Co-lead of the Workstream on the Updated G7 FEs for Third Party Cyber Risk Management, Senior Supervisor, Deutsche Bundesbank 
    • Tim Paulowitz, G7 CEG Co-lead of the Workstream on the Updated G7 FEs for Third Party Cyber Risk Management, Senior Payments Expert, Deutsche Bundesbank 
    • Andrew Huddart, G7 CEG Co-lead of the Workstream on the G7 FEs of Ransomware Resilience, Senior Manager, Sector Resilience Team, Bank of England
Japanese Video(YouTube)
English Video(YouTube)
PDFPresentation material (Bundesbank, Matthias Rest and Tim Paulowitz)

◆15:40-17:25 Session 2: Cybersecurity in Regional Financial Institutions
　The FSA explained the latest trends and challenges of cyber threats faced by small and medium sized regional financial institutions, the FSA's initiatives to resolve such threats and the state of cooperation between the public and private sectors. In the Q&A session, there were many questions from the in-person and online audience, and there were lively discussions on issues such as approaches to the shortage of cyber-capable human resources in Japan and the United States, and the importance of strategic information sharing both within and between the public and private sectors.
＜Photo 3: Session 2＞
＜写真３：セッション２の様子＞
  • Moderator
    • Tsuyoshi Saito, Director of the Cyber Security Policy Office, FSA
  • スピーカー
    • Keisuke Kamata, Managing Director & CTO, Financials ISAC Japan, Adviser, FSA
    • Shun Miura, Coordinator and Head of Cyber Security Planning Group, FSA
    • Akira Takahashi, Managing Director of Cybersecurity Group, Minna Bank, Ltd
    • Wilson Co, Deputy Director, International Policy (Acting), Office of Cybersecurity and Critical Infrastructure Protection, U.S. Department of the Treasury
Japanese Video(YouTube)
English Video(YouTube)
PDFPresentation materials(Financials ISAC Japan, Keisuke Kamata)
PDFPresentation materials( Financial Services Agency, Satoshi Miura)
PDFPresentation materials(Minna Bank, Akira Takahashi)

◆17:25-17:35 Closing remarks Mr. Todd Conklin (Co-Chair of G7 CEG Deputy Assistant Secretary, Cyber Security/Critical Infrastructure, U.S. Department of the Treasury)

 Finally, Mr. Todd Conklin provided a recapitulation of the event, noting the importance of involving the entire industry and re-emphasizing the need for governments to demonstrate leadership in the information sharing process with speed and accuracy.
＜Photo 4: Mr. Todd Conklin giving closing remarks＞＜写真4：閉会挨拶をするTodd Conklin氏＞

Japanese Video(YouTube)
English Video(YouTube)
　　　　　　 

 

Inquires

 International Affairs Office, Strategy Development and Management Bureau 
 Cyber Security Policy Office, Strategy Development and Management Bureau
 +81-(0)3-3506-6000 (ext. 5436, 5488)


 
 

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