(Reuters) — The G20 financial watchdog on Thursday recommended a plan for banks to report cyber attacks in a common format in a bid to speed up responses to hacking and limit the impact on financial stability.
The Financial Stability Board, made up of central banks, financial regulators and finance officials from the Group of 20 major economies, made the recommendations following a public consultation.
“The interconnectedness of the global financial system makes it possible for a cyber incident at a financial institution (or an incident at one of its third-party service providers) to have spillover effects across borders and sectors,” the FSB said in a statement.
“Over the past decade, however, meaningful differences in requirements and practices associated with cyber incident reporting have emerged and continue to emerge.”;
The recommendations aim to remove barriers to greater harmonization of incident reporting and include an enhanced “cyber lexicon” to provide a wider range of common terms to increase convergence in reporting.