New FSB cyber incident reporting initiatives should encourage best practices and not create new requirements

3 January 2023

GFIA has published its response to a consultation conducted by the Financial Stability Board (FSB) on cyber incident reporting.

The insurance sector supports convergence and the re-use of existing standards for cyber incident reporting, including with ongoing initiatives.

Any new initiatives should aim to encourage best practices and refrain from establishing new requirements, such as additional information channels or multiple layers of reporting.

GFIA takes the view that consistency in the terminology used across different legislation and texts will facilitate greater convergence in cyber incident reporting.

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