A new FSB proposal to achieve greater convergence in cyber incident reporting


The Financial Stability Board (FSB) continues its effort to enhance the cyber resilience of the financial system. The Economic and Finance Ministers and Central Bank Governors of the G20 countries recently approved the publication of the consultation document developed by the FSB aimed at fostering greater convergence among cyber incident reporting schemes.

The timely and accurate notification of cyber incidents by financial entities is crucial for effective cyber incident response, the recovery of impacted services and the promotion of financial stability. To this end, the consultative document proposes: i) a set of recommendations to address the challenges to greater convergence of cyber incident reporting schemes; ii) an update of the FSB Cyber Lexicon, with reference to some key terms in cyber incident reporting; iii) the development of a common format for the exchange of incident information (FIRE).

FSB invites all potential stakeholders to reply to the consultative document by responding to the questions and submitting the responses via email to fsb@fsb.org by 31 December 2022.

issue date
24 October 2022