S&P 500 Index

SPX
5,473.17
-13.86 (-0.25%)
StockTwits Share  Twitter Share  Facebook Share

Financial watchdog releases guidelines for banks to report cyber attacks





Date Published:
Author: CML News

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.

Long-term Stock Research

Every stock has a story, and the best investors know how to read between the lines, unravel narratives, and identify the true value in the market. We do the research. We watch the businesses.

We interview CEOs and share word-for-word transcriptions.

You get high quality research previously only available to Wall Street insiders; all while having access to a community of investors and finance experts.


Learn about CML Pro by tapping here.