Financial Stability Board Publishes Progress Update on its Work to Develop a Cyber Lexicon03/20/2018The Financial Stability Board has published a Progress Update on its work on the creation of a common lexicon of terms to support the work of the FSB, standard-setting bodies, authorities and private sector participants to address cyber-security and cyber-resilience in the financial sector.
The FSB explains in the Progress Update that the cyber lexicon is not intended as a comprehensive lexicon of all cyber-security and cyber-resilience related terms. Its scope will be limited and focused on the core terms necessary to support the objective of the lexicon, which is to support the work of the above bodies, in particular by creating a cross-sector common understanding of relevant cyber security and cyber resilience terminology and by facilitating assessment and monitoring of financial stability risks in cyber-risk scenarios. It is expected that the lexicon will assist in the work of the FSB and/or standard-setting bodies to provide guidance related to cyber-security and cyber-resilience.
The FSB has established a Working Group to develop the lexicon. The Working Group aims to produce a draft version of the cyber lexicon for internal review by mid-May 2018, following which the FSB will consider it internally, make any necessary revisions and consider whether to publish the lexicon and undertake public consultation on it. Should public consultation be required, this will be launched in July 2018.
The FSB intends to deliver the completed lexicon to G20 leaders at their Summit in Buenos Aires on November 30 - December 1, 2018.
View the Progress Update.TOPIC: Cyber Security
Financial Regulatory Developments Focus