November 12, 2018

FSB published a cyber lexicon, following the 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 lexicon will be delivered to the G20 Leaders’ Summit in Buenos Aires later this month. FSB also published an overview of responses to the public consultation on the cyber lexicon, which summarizes the issues raised in the public consultation launched last July and sets out the key changes that have been made to the lexicon to address these issues.

The cyber lexicon is intended to support the work of FSB, standard-setting bodies, authorities, and private-sector participants—for example, financial institutions and international standards organizations—to address financial sector cyber resilience. The cyber lexicon will be used to support work on a recently announced FSB project to develop effective practices related 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. Overall, 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

  • Work by FSB and/or standard-setting bodies to provide guidance related to cyber security and cyber resilience, including identifying effective practices

FSB has developed the lexicon in response to a request from G20 Finance Ministers and Central Bank Governors at their October 2017 meeting. FSB delivered a stocktake report to that meeting, on the existing publicly available regulations and supervisory practices with respect to cyber security in the financial sector.

 

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Keywords: International, Banking, Insurance, Securities, PMI, Cyber Lexicon, Cyber Risk, Cyber Resilience, Regtech, FSB

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