Lede

The Financial Stability Board has issued guidelines for banks to report cyber attacks in a standardized format to improve response times and minimize damage to financial stability.

Summary

• The Financial Stability Board (FSB) has released guidelines for banks to report cyber attacks in a consistent format.
• The FSB, made up of central banks, financial regulators, and treasury officials from the G20 economies, hopes to speed up responses to hacking and limit the impact on financial stability.
• The FSB cites the interconnectedness of the global financial system and the potential for spill-over effects across borders and sectors.
• The guidelines aim to reduce differences in requirements and practices associated with cyber incident reporting.
• An "enhanced cyber lexicon" will provide a broader range of common terms to increase consistency in reporting.