The Financial Stability Board (FSB) has published the final report on the Format for Incident Reporting Exchange (FIRE), a common format for financial entities to report operational incidents, including cyber incidents. Developed in consultation with the private sector, FIRE aims to promote convergence among reporting schemes and facilitate the exchange of information between authorities, while remaining flexible to accommodate various implementation practices to account for existing national and regional specificities. Authorities may decide to what extent they adopt FIRE, leveraging its features and definitions to promote greater convergence among existing reporting schemes. Additionally, financial entities might use FIRE in their relationships with suppliers.
The FIRE documentation package includes: i) a human-readable format; ii) a structured data model using the Data Point Model (DPM) method; and iii) a taxonomy in eXtensible Business Reporting Language (XBRL) as a sample machine-readable version of FIRE. To monitor the status of FIRE's implementation, the FSB will organize follow-up meetings with authorities and the private sector to share experiences and implementation challenges.
