The Financial Stability Board (FSB) has published for consultation its Format for Incident Reporting Exchange (FIRE), a common format for the reporting of operational incidents, including cyber incidents, by financial institutions. FIRE aims to promote greater convergence between reporting schemes, reduce the operational reporting burden on financial entities, and facilitate information exchange between financial authorities.
Developed in consultation with the private sector, FIRE identifies a common set of information items for incident reporting, ensuring flexibility and interoperability. Authorities can choose the extent to which they wish to adopt FIRE, leveraging its features and definitions to promote greater convergence between existing frameworks. Similarly, financial institutions can use FIRE in their relations with both financial authorities and suppliers. The consultative package includes (i) the format specification document (human-readable), (ii) the structured data model in the Data Point Model standard, and (iii) a taxonomy in eXtensible Business Reporting Language (XBRL) as an example of a machine-readable version of the format.
The FSB invites all potential stakeholders to respond to the consultative document by submitting their contributions by 19 December 2024 via the secure online form available at the following link:
FSB consults on a common format for the reporting of operational incidents
