FSB makes proposals to achieve greater convergence in cyber incident reporting
17 October 2022
Timely and accurate information on cyber incidents is crucial for effective incident response and recovery and promoting financial stability.
The Financial Stability Board (FSB) today published a consultative document on Achieving Greater Convergence in Cyber Incident Reporting. The proposals take a comprehensive approach and include:
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Recommendations to address the challenges to achieving greater convergence in cyber incident reporting. Drawing
on the experience of financial authorities and engagement with
financial institutions, the FSB has set out 16 recommendations to
address the practical issues associated with the collection of cyber
incident information from financial institutions and the onward sharing
between financial authorities.
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Further work on establishing common terminologies related to cyber incidents. A
key instrument for achieving convergence in cyber incident reporting is
the use of a common language. In particular, a common definition and
understanding for what constitutes a ‘cyber incident’ is needed that
avoids the over reporting of incidents that are not meaningful for
financial authorities or financial stability.
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Proposal to develop of a common format for incident reporting exchange (FIRE). A
review of incident reporting templates and stocktake of authorities’
cyber incident reporting regimes indicated a high degree of commonality
in the information requirements for cyber incident reports. Building on
these commonalities, the FSB proposes the development of a common
reporting format that could be further considered among financial
institutions and financial authorities.
The FSB is inviting feedback on this consultative document, in
particular on the questions it has set out. Responses should be sent to
fsb@fsb.org by 31 December 2022 with the subject line ‘CIR Convergence’.
Responses will be published on the FSB’s website unless respondents
expressly request otherwise.
FSB
© FSB - Financial Stability Board
