An effective reporting of cyber incidents by financial entities is of utmost importance for financial stability. Based on input from the G20 Finance Ministers and Central Bank Governors, the Financial Stability Board has recently published three documents aimed at promoting the harmonization of cyber incident reporting.
These documents are:
- A set of 16 recommendations, addressed to supervisors and financial intermediaries, on the main challenges hindering greater harmonization in cyber incident reporting and the best practices to be adopted;
- An update to the 'Financial Stability Board Cyber-Lexicon', first published in 2018 and which includes some additional terms related to cyber incident reporting, to encourage the adoption of a common terminology as a fundamental element for greater convergence;
- A proposal to develop a common format for the exchange of incident reports (FIRE), which can be adopted by financial authorities to share information on cyber incidents. Work on developing the format will start during 2023.
