G20’s Financial Watchdog Recommends Blueprint for Banks to Report Cyberattacks to Curb Hacking & Fallouts
In a bid to expedite responses to hacking and curb the fallout on financial stability, the G20’s (Group of 20) financial watchdog has come up with a plan.
The watchdog on Thursday recommended a blueprint for banks to report cyberattacks. The Financial Stability Board (FSB) is composed of central banks, financial regulators, and treasury officials from the G20 major economies. The FSB has also laid out recommendations following a public consultation.
Stressing its importance, the FSB, in a statement, said, “The interconnectedness of the global financial system makes it possible that a cyber-incident at one financial institution (or an incident at one of its third-party service providers) could have spill-over effects across borders and sectors.”
The recommendations are aimed at eradicating barriers in incident reporting, and include an improved “cyber lexion” to offer convergence in reporting.