The Financial Stability Board (FSB) has published the final version of its Cyber Lexicon, a standardized terminology for financial firms and policymakers, the board announced Monday.
The publication, which follows a public consultation earlier this year, sets out approximately 50 core terms involving cybersecurity in the financial sector. It is designed to support the cybersecurity work of standards-setters, regulators, financial institutions and others.
In particular, it aims to develop a common understanding of relevant cybersecurity terminology across industry sectors, help identify and monitor financial stability risks, facilitate information sharing, and help standards-setting bodies provide guidance to the industry.
For example, the lexicon will be used as part of the FSB’s recently announced project “to develop effective practices relating to a financial institution’s response to, and recovery from, a cyber incident,” the FSB says in a statement.
A progress report on this project will be published by mid-2019, the board adds.
The lexicon, which was developed in response to a request from G20 policymakers, will also be delivered to the G20 leaders’ meeting that will take place in Buenos Aires later this month.