GFIA has published its response to a consultation on the cyber lexicon. GFIA welcomes the efforts of the Financial Stability Board (FSB) to enhance cross-border cooperation in addressing cyber risk and, as part of that effort, the FSB’s work on a cyber lexicon.
Such a lexicon would provide consistency for FSB work streams such as information-sharing and cross-border guidance.
GFIA also appreciates that the FSB does not intend the lexicon for use in the legal interpretation of any international arrangement, agreement or private contract.
A taxonomy should, however, not pre-empt insurance contract language. While aligning risk terminology may help companies and consumers better understand cyber insurance, such alignment is already occurring organically, where appropriate. Forcing standardised terminology could also hamper innovation in the development of insurance products.