The Financial Stability Board (FSB) has recently established proposals to ensure greater convergence in cyber incident reporting, according to Finextra.
The FSB said that cyber incidents are ‘growing rapidly’ in frequency and sophistication. Alongside this, the cyber threat landscape is expanding amid digital transformation, as well as geopolitical tensions and dependencies on third-party service providers.
The Board also warned that growing interconnectedness of the financial system increases the likelihood of a cyber incident at one financial institution or an incident at one of its third-party service providers – which has a spill-over effect across sectors and borders.
In 2021, the Board published a report finding fragmentation across sectors and jurisdictions in the scope of what should be reported for a cyber incident, timeframes for reporting, how cyber incident information is used and methodologies to measure its severity and impact.
The FSB has now come back with 16 recommendations for addressing these issues as it bids to develop a common reporting format to “promote convergence, address operational challenges arising from reporting to multiple authorities and foster better communication”.
The FSB recently published a proposed framework for the international regulation of crypto-asset activities.
According to the FSB, the core components of this framework are proposals for recommendations that promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to cryptoasset activities and markets and strengthen international cooperation, coordination and information sharing.
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