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Ref no: 23/2018

The Financial Stability Board (FSB) today published a draft Cyber Lexicon for public consultation. The draft lexicon comprises a set of 50 core terms related to cyber security and cyber resilience in the financial sector.

The Cyber Lexicon is intended to support the work of the FSB, standard-setting bodies, authorities and private sector participants, e.g. financial institutions and international standards organisations. A 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; and

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

The FSB developed the lexicon in response to a request from G20 Finance Ministers and Central Bank Governors at their October 2017 meeting. The FSB delivered a stocktake report to that meeting on existing publicly available regulations and supervisory practices with respect to cyber security in the financial sector. Ministers and Governors asked that the FSB continue its work to protect financial stability against the malicious use of Information and Communication Technologies, noting that this work could be supported by a common lexicon of terms that are important in the work.

After considering the responses to this consultation, the FSB will finalise the lexicon for delivery to the G20 Leaders’ Summit in Buenos Aires in November of this year.

Comments and responses to the questions set out in the consultative document should be submitted by Monday 20 August 2018. Submissions will be published on the FSB website unless respondents expressly request otherwise.

Notes to editors

The FSB has been established to coordinate at the international level the work of national financial authorities and international standard-setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with 65 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Mark Carney, Governor of the Bank of England. Its Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements.