FSB publishes Cyber Lexicon12 November 2018
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Ref no: 38/2018
The Financial Stability Board (FSB) today published a Cyber Lexicon, following public consultation earlier this year. The lexicon comprises a set of approximately 50 core terms related to cyber security and cyber resilience in the financial sector.
The Cyber Lexicon is intended to support the work of the FSB, standard-setting bodies, authorities and private sector participants, e.g. financial institutions and international standards organisations, to address financial sector cyber resilience. The lexicon could be useful to support work in the following areas:
Cross-sector common understanding of relevant cyber security and cyber resilience terminology;
Work to assess and monitor financial stability risks of cyber risk scenarios;
Information sharing as appropriate; and
Work by the FSB and/or standard-setting bodies to provide guidance related to cyber security and cyber resilience, including identifying effective practices.
For example, the Cyber Lexicon will be used to support work on a recently announced FSB project to develop effective practices relating to a financial institution’s response to, and recovery from, a cyber incident. A progress report on this project will be published by mid-2019.
The FSB has developed the lexicon in response to a request from G20 Finance Ministers and Central Bank Governors at their October 2017 meeting. The FSB delivered a stocktake report to that meeting on existing publicly available regulations and supervisory practices with respect to cyber security in the financial sector.
The lexicon will be delivered to the G20 Leaders’ Summit in Buenos Aires later this month.
The FSB today also published an Overview of Responses to the Public Consultation on the Cyber Lexicon, which summarises the issues raised in the public consultation launched last July and sets out the main changes that have been made to the lexicon to address them. The individual responses to the public consultation are available on the FSB website.
Notes to editors
The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.
The FSB is chaired by Mark Carney, Governor of the Bank of England. Its Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements.