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Financial watchdog releases guidelines for banks to report cyber attacks

Date Published:
Author: CML News


The Financial Stability Board has issued guidelines for banks to report cyber attacks in a standardized format to improve response times and minimize damage to financial stability.



  • The Financial Stability Board (FSB) has released guidelines for banks to report cyber attacks in a consistent format.
  • The FSB, made up of central banks, financial regulators, and treasury officials from the G20 economies, hopes to speed up responses to hacking and limit the impact on financial stability.
  • The FSB cites the interconnectedness of the global financial system and the potential for spill-over effects across borders and sectors.
  • The guidelines aim to reduce differences in requirements and practices associated with cyber incident reporting.
  • An "enhanced cyber lexicon" will provide a broader range of common terms to increase consistency in reporting.

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