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  • Writer's pictureDeborah

Released on October 17, this FSB’s Report sets out its recommendations to “address impediments to achieving greater convergence” in cyber incident reporting (CIR).

The FSB is proposing that regulators takes the following actions :

  • Clearly defined objectives to address incident reporting, and periodically assess and demonstrate how these objectives can be achieved.

  • Ensure greater convergence of CIR frameworks (i.e. align their CIR regimes with other relevant authorities…)

  • Adopt of common reporting formats

  • Implement phased and incremental reporting requirements

  • Select incident reporting triggers

  • Calibrate initial reporting windows

  • Minimize interpretation risk

  • Extend materiality-based triggers to include likely breaches

  • Review the effectiveness of CIR processes

  • Conduct ad-hoc data collection and industry engagement

  • Address impediments to cross-border information sharing

  • Foster mutual understanding of benefits of reporting

  • Provide guidance on effective CIR communication

  • Maintain response capabilities which support CIR

  • Pool knowledge to identify related cyber events and cyber incidents

  • Protect sensitive information

Responses should be sent to by 31 December 2022.

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