- Format for Incident Reporting Exchange (FIRE) is a standardized yet adaptable format to enhance the efficiency and consistency of cyber and operational incident reporting.
- Developed in collaboration with private sector experts, FIRE reduces the reporting burden for firms operating across multiple jurisdictions and improves communication with and among authorities.
- FIRE supports a phased implementation and is designed to be interoperable with current systems, encouraging widespread adoption.
The Financial Stability Board (FSB) published its finalized Format for Incident Reporting Exchange (FIRE), a global initiative aimed at streamlining cyber and operational incident reporting. By introducing a standardized format, FIRE addresses the fragmentation in reporting requirements, alleviating the burden on firms that operate across multiple jurisdictions.
At a time of heightened cyber risks and increasing reliance on technology and third-party services, the ability to respond swiftly and effectively to operational incidents – particularly cyber incidents – has become more critical than ever. FIRE facilitates timely action and fosters improved communication and coordination among authorities across borders.
Developed in close partnership with the private sector, FIRE encompasses a wide range of operational and cyber incidents. Its potential applicability extends to third-party service providers and firms beyond the financial sector. Its focus on promoting convergence and flexibility in incident reporting has garnered strong support, underscoring its practical value and relevance to stakeholders.
For jurisdictions without a standardized reporting framework, FIRE offers a robust foundation upon which they can build. For those with existing frameworks, it supports a phased implementation approach and is designed to be interoperable with current systems, ensuring a smooth transition and encouraging broad adoption.
Klaas Knot, president of De Nederlandsche Bank and chair of the FSB, said in a statement: “FIRE demonstrates how international regulatory cooperation can deliver benefits for all stakeholders. It also highlights the value of public-private partnerships in tackling shared challenges, such as those related to cyber and operational resilience.”