Summary of document history
The FSB has developed FIRE to reduce fragmentation in the reporting of cyber and other operational incidents and enhance cross-border cooperation.
Cyber and operational incidents pose significant risks to the stability of the financial system. Incident reporting serves as a critical tool for supervisors to monitor disruptions. Timely and effective incident response and recovery are essential to mitigating risks to financial stability.
This report presents the Format for Incident Reporting Exchange (FIRE), a common framework that financial firms can use to report operational incidents, including cyber incidents.
Developed in collaboration with the private sector, FIRE is a global initiative designed to promote consistency, address the challenges of reporting to multiple authorities, and enhance communication within and across jurisdictions.
FIRE provides a set of standardised information items and is designed in a way to maximise flexibility and interoperability. It covers a broad range of operational and cyber incidents and can also be used by third-party service providers and organisations beyond the financial sector. Industry practitioners have praised FIRE for its practical benefits.
For jurisdictions without a standardised reporting framework, FIRE offers a strong foundation to build upon. For those with existing frameworks, it supports phased implementation and is designed to integrate seamlessly with current systems, enabling a smooth transition and fostering widespread adoption.
To facilitate adoption of FIRE globally, the FSB is also releasing a downloadable taxonomy package, containing a data model based on the Data Point Model (DPM) method, enabling machine-readable formats of FIRE, such as in eXtensible Business Reporting Language (XBRL), as well as associated validation rules.
The FSB will hold a workshop with industry and authorities in 2027 to review the experiences with FIRE and implementation challenges.