Cyber incidents are growing rapidly in frequency and sophistication, says the FSB. At the same time, the cyber threat landscape is expanding amid digital transformation, increased dependencies on third-party service providers and geopolitical tensions.
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, having spill-over effects across borders and sectors, warns the board.
Last year, the board published a report finding fragmentation across sectors and jurisdictions in the scope of what should be reported for a cyber incident; methodologies to measure its severity and impact; timeframes for reporting; and how cyber incident information is used.
It 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”.
Read the report:
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