The Financial Stability Board (FSB) published a draft Cyber Lexicon for public consultation. The draft lexicon comprises a set of 50 core terms related to cybersecurity and cyber resilience in the financial sector. It’s intended to support the work of the FSB, standard-setting bodies, authorities and private sector participants, e.g. financial institutions and international standards organizations in the following areas:
- Cross-sector common understanding of relevant cybersecurity 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 cybersecurity 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 cybersecurity 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.