On November 12, 2018, the FSB published the final Cyber Lexicon of terms related to cyber security and cyber resilience. The Lexicon is intended to assist the FSB, other international standard setting bodies (such as the Basel Committee, the CPMI and the International Organization of Securities Commissions), authorities and the private sector to address threats to cyber security and adopt cyber resilience measures. The FSB has also published an overview of responses to the public consultation, summarizing the main issues that emerged during the FSB's consultation on a draft lexicon and the changes adopted to address them.
The Lexicon is intended to facilitate: (i) a cross-sector understanding of relevant terminology; (ii) the assessment and monitoring of financial stability risks of cyber risk scenarios; (iii) information sharing; and (iv) the work of the international standard setting bodies to provide guidance to the industry, including best practices. The Cyber Lexicon is not intended for use in the legal interpretation of any international arrangement or agreement or any private contract and its use is not mandatory.
The Cyber Lexicon is available at: http://www.fsb.org/wp-content/uploads/P121118-1.pdf
The FSB's overview of the responses to the consultation is available at: http://www.fsb.org/wp-content/uploads/P121118-2.pdf and details of the FSB's proposed Cyber Lexicon are available at: https://finreg.shearman.com/financial-stability-board-issues-consultation-on-.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
