In an effort to speed up reactions to hacking and lessen the impact on financial stability, THE G20’s financial watchdog on Thursday (Apr. 13) endorsed a template for banks to report intrusions in a uniform format.
Following a public consultation, the Financial Stability Board (FSB), which consists of central banks, financial regulators, and treasury officials from the Group of 20 (G20) major economies, released the recommendations.
“The interconnectedness of the global financial system makes it possible that a cyber-incident at one financial institution (or an incident at one of its third-party service providers) could have spill-over effects across borders and sectors,” the Financial Stability Board (FSB) said in a statement.
“Over the last decade, however, significant differences have emerged and are still present in the practices and requirements related to reporting cyber incidents.”
The recommendations include an improved “cyber lexicon” to enable a larger range of common phrases to facilitate convergence in reporting and aim to remove obstacles to greater harmonization of incident reporting.
