On 17 October 2022, the Financial Stability Board (FSB) published a consultative document in which it sets out proposed recommendations to address impediments to achieving greater convergence in cyber incident reporting (CIR) with a view to promoting better practices, while recognising that a one-size-fits-all approach is not feasible or preferable.

The FSB’s proposals include:

  • Recommendations to address the challenges to achieving greater convergence in CIR. The FSB sets out 16 recommendations to address the practical issues associated with the collection of cyber incident information from financial institutions and the onward sharing between financial authorities.
  • Further work on establishing common terminologies related to cyber incidents.
  • A proposal to develop a common format for incident reporting exchange that could be further considered among financial institutions and financial authorities. The concept of the common format leverages the analysis of various incident reporting templates, which identified many commonalities in the data that financial authorities collect to meet their reporting objectives.

Next steps

The deadline for responding to the consultative document is 31 December 2022.