The Financial Stability Board (FSB) has released a report detailing its approach to achieve greater convergence in cyber incident reporting.
The release of the report follows a request from the G20 and also comes in response to growing rates of cyber incidents.
Three initiatives were outlined by the FSB. Firstly, recommendations must be set up to address issues currently preventing reporting harmonisation. These recommendations will then be adopted by financial institutions in line with their existing business, legal and regulatory frameworks.
The Board also highlights the need for an enhancement of the Cyber Lexicon. Including cyber incident reporting terms will help to standardise communications through a ‘common language’.
Finally, common types of information submitted by financial institutions to authorities as part of cyber incident reports need to be identified. By gathering this data, a common format for incident reporting exchange can be established and financial institutions will be able to share incident information.
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