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FSB Drafts Guidelines for Harmonizing Cyber Incident Reporting

FSB Drafts Guidelines for Harmonizing Cyber Incident Reporting

Posted: Oct 26 2022
The Financial Stability Board has released a set of recommendations for standardizing cyber incident reporting among financial institutions and regulators. The report lists 16 recommendations for reporting such incidents. The board indicated that financial institutions and regulators can choose to adopt the recommendations as appropriate, consistent with their legal and regulatory frameworks.
 
Among the recommendations, the report calls on financial authorities to adopt common comment reporting formats, select common triggers for incident reporting, calibrate their initial reporting windows, address impediments to cross-border information sharing, and foster mutual understanding of the benefits of reporting. The report also recommends the creation of a common format for incident reporting exchange, or FIRE, that financial authorities could further develop and eventually use to collect incident information from financial institutions, and for authorities to use for information sharing.
 
To read more, visit: https://www.fsb.org/wp-content/uploads/P171022.pdf
 

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