The G20’s financial watchdog recommended a blueprint for banks to report cyberattacks in a standard format on Thursday, in an effort to speed up responses to hacking and limit the impact on financial stability.
Following a public consultation, the Financial Stability Board (FSB), which includes central banks, financial regulators, and treasury officials from the Group of 20 (G20) major economies, issued the recommendations.
“Because of the global financial system’s interconnectedness, a cyber incident at one financial institution (or an incident at one of its third-party service providers) may have spill-over effects across borders and sectors,” the FSB said in a statement.
“However, meaningful differences in the requirements and practices associated with cyber incident reporting have emerged and continue to emerge over the last decade.”
The recommendations aim to remove barriers to greater harmonization of incident reporting, and include an expanded “cyber lexicon” to provide a broader range of common terms to improve reporting convergence.