Recommendations to Achieve Greater Convergence in Cyber Incident Reporting: Final Report

The global financial system is interconnected, and a cyber incident at one financial institution or its third-party service providers could have spill-over effects across borders and sectors. Cyber incidents are increasing in frequency and sophistication, and the cyber threat landscape is expanding amid digital transformation and geopolitical tensions. The G20 asked the Financial Stability Board (FSB) to deliver a report on achieving greater convergence in cyber incident reporting (CIR) to promote effective incident response, recovery, and financial stability. The report identifies practical issues associated with collecting cyber incident information from financial institutions and sharing it with financial authorities. It sets out 16 recommendations to address these issues and promote best practices in CIR.