On March 20, 2018, the Financial Stability Board (“FSB”) delivered a note to finance ministers and central bank governors from the world’s top 20 economic powers, known as the G-20. The note provides a progress update on the FSB’s work to develop a common vocabulary of cyber terms.
The FSB is developing the cyber lexicon to address cybersecurity and cyber resilience in the financial sector and hopes that it will boost cross-border cooperation on cybersecurity. The note warned that “malicious use of Information and Communication Technologies…could disrupt financial services crucial to both national and international financial systems, undermine security and confidence and endanger financial stability.”
According to the note, “[t]he FSB has formed a working group, chaired by the U.S. Federal Reserve Board and comprised of approximately 15 members representing a range of financial sectors (banks, financial market infrastructures, securities and insurance) and jurisdictions, to develop the lexicon.”
For more information, including the next steps and indicative time line, read the full note.