Watchdogs Call For Standardized Cyber-Breach Reporting

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By Najiyya Budaly (October 19, 2021, 12:39 PM BST) — A global forum of central bankers urged the financial sector on Tuesday to develop a common method for reporting cyber-incidents, after finding that differences between jurisdictions could be damaging the industry’s stability.

The Financial Stability Board called for common regulations to oblige finance companies to report cyber-breaches to the relevant watchdogs. Not all countries and sectors in the financial world currently have a unified set of rules on what should be reported during an incident such as an online attack or a data breach, the board added.

“This fragmentation could undermine a financial institution’s response and recovery actions, and underscores a…

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