On 28 May 2019, the Financial Stability Board (FSB) published a progress report on its work todate on developing effective practices for financial institutions’ response to, and recovery from, a cyber incident.

As part of its work programme to enhance the cyber resilience of financial institutions, the FSB is developing a toolkit of effective practices relating to a financial institution’s response to, and recovery from, a cyber incident. The toolkit also aims to help supervisors and other relevant authorities in supporting financial institutions before, during and after a cyber incident.

The development of the toolkit will be taken forward in two phases. The first phase of work will continue until October 2019 and focuses on identifying and developing effective practices. The FSB will launch an online survey in July which will help to identify effective practices at financial institutions. The second phase of work is expected to commence during the last quarter of this year and will focus on drafting of the toolkit.  This will involve a public consultation in early 2020, with a view to finalising the toolkit in late 2020.