Executive Summary

On December 3, 2025, the G7 Cyber Expert Group, with leadership from the U.S. Department of the Treasury and the Bank of England, released a policy document establishing a framework for international cooperation during significant cyber incidents affecting the financial sector. Titled "G7 Fundamental Elements of Collective Cyber Incident Response and Recovery (CCIRR) in the Financial Sector," the paper provides a set of high-level, non-binding principles. Its goal is to create a more cohesive and effective response to cross-border cyber crises by promoting better communication and information sharing between financial authorities and private sector entities, thereby enhancing the stability of the global financial system.

Regulatory Details

The CCIRR framework is not a regulation but a set of guiding principles designed to encourage voluntary alignment of national incident response strategies. It acknowledges that major cyberattacks on the financial system are rarely contained within a single country and require a coordinated international response. The framework is built upon three core pillars:

1. Establishing the CCIRR Arrangement: This pillar focuses on the foundational elements needed for cooperation. It includes defining governance structures, establishing clear coordination protocols, and ensuring that the collective arrangement can work with existing national and international incident response frameworks.
2. Utilizing the CCIRR Arrangement: This section details the operational aspects of the framework during a crisis. It covers tools and methods for response and recovery, strategies for clear and consistent crisis communication to the public and affected parties, and measures to ensure the response mechanism itself is resilient.
3. Maintaining and Testing the CCIRR Arrangement: This pillar emphasizes continuous improvement. It calls for regular joint exercises and tests to validate the framework, a process for incorporating lessons learned, a commitment to ongoing threat intelligence sharing, and the cultivation of a trusted community among participants.

Affected Organizations

The framework is primarily aimed at:

• G7 Financial Authorities: Central banks, finance ministries, and financial regulators within the G7 member nations (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States).
• Private Financial Entities: Large, globally significant banks, investment firms, insurance companies, and market infrastructures.
• Third-Party Service Providers: Critical technology and service providers to the financial sector, such as cloud providers and core banking software vendors.

Compliance Requirements

As the framework is non-binding, there are no direct compliance obligations or regulatory penalties for non-adherence. Instead, it serves as a strategic guide. Financial authorities are encouraged to review their national plans against these principles, and private firms are encouraged to understand how their own incident response plans can align with this international effort. The framework was coordinated by Germany's BaFin and the Banque de France, emphasizing its collaborative European and international nature.

Implementation Timeline

There are no specific implementation deadlines. The framework is intended for gradual and voluntary adoption by G7 members and other jurisdictions wishing to align with these best practices. The focus is on building long-term capabilities and relationships rather than meeting short-term compliance dates.

Impact Assessment

The intended impact is to reduce the systemic risk posed by a major cyberattack on the global financial system. By establishing pre-agreed channels for communication and information sharing, the framework aims to:

• Speed up response and recovery times during a crisis.
• Prevent conflicting or confusing public communications from different national authorities.
• Enable a more holistic understanding of a widespread attack as it unfolds.
• Reinforce public and market confidence in the stability of the financial system during a cyber event.

Compliance Guidance

For financial institutions, the key takeaway is to review and update their incident response and crisis communication plans with an eye toward international cooperation. Tactical steps include:

• Identifying key contacts within national regulatory bodies and peer institutions in other countries.
• Participating in industry-wide cyber exercises, especially those with an international component.
• Ensuring that internal crisis communication plans account for the need to coordinate with public authorities before releasing information during a systemic event.