The Financial Stability Board (FSB) has proposed measures aimed at promoting greater consistency in cyber incident reporting.
According to the FSB, the frequency and sophistication of cyber incidents are increasing rapidly. This rise is compounded by an evolving cyber threat landscape, driven by digital transformation, greater reliance on third-party service providers, and geopolitical tensions.
The growing interconnectedness of the financial system raises the risk that a cyber incident affecting one financial institution, or its third-party service providers, could have far-reaching effects across borders and sectors.
Last year, the board highlighted a lack of uniformity across various sectors and jurisdictions regarding what constitutes a reportable cyber incident; the methodologies for measuring its severity and impact; reporting timeframes; and the usage of cyber incident information.
In response, the FSB has outlined 16 recommendations aimed at addressing these challenges. The goal is to establish a common reporting format that promotes convergence, alleviates operational difficulties linked to reporting to multiple authorities, and enhances communication.
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