On November 12, the Financial Stability Board (FSB) published the final version of its cyber lexicon and an accompanying press release.
The FSB’s cyber lexicon is a set of approximately 50 core terms related to cybersecurity and cyber resilience in the financial sector, but is not intended to be a comprehensive lexicon of all cybersecurity and cyber resilience-related terms. Its purpose is to support the work of the FSB, regulators and financial markets participants in the following areas by:
- establishing a cross-sector understanding of relevant terminology relating to cybersecurity and cyber resilience;
- aiding in the efforts to assess and monitor the financial stability of cyber-risk scenarios;
- enhancing information shared;
- assisting efforts of the FSB and/or standard-setting bodies to provide guidance on cybersecurity and cyber resilience, including identifying effective practices.
The cyber lexicon will be used to support work on a recently announced FSB project to develop effective practices relating to financial institutions’ responses to and recovery from cyber incidents. A progress report on the project will be published by mid-2019.
The FSB will deliver the cyber lexicon at the upcoming G20 Leaders’ Summit in Buenos Aires on November 30 and December 1.
The FSB’s cyber lexicon is available here.
The FSB’s press release is available here.