The work will support efforts by financial authorities and organizations worldwide to address cyber resilience
The Financial Stability Board (FSB) has published a lexicon of 50 core terms related to cyber security and cyber resilience.
The so-called Cyber Lexicon has been created to support the FSB, standard-setting bodies, authorities, and private-sector participants in their work to address cyber resilience in the financial sector. It was developed originally in response to a request from G20 Finance Ministers and Central Bank Governors at their meeting in October last year.
The lexicon was also developed following a public consultation of stakeholders held earlier this year. From 29 responses submitted by financial institutions, industry associations and other financial-sector groups, consultants, and individuals, the initiative received general approval and suggested criteria for the inclusion and definition of terms.
The Cyber Lexicon, currently available on the FSB site, is composed of around 50 core terms including:
- Access control
- Cyber alert
- Cyber risk
- Cyber security
- Data breach
- Distributed Denial of Service (DDoS)
- Malware
- Multi-factor authentication
- Social engineering
- Vulnerability assessment
The FSB anticipates that the lexicon could be useful in:
- Establishing a common understanding across sectors of relevant cyber security and cyber resilience terminologies;
- Assessing and monitoring the potential impact of cyber risk scenarios on financial stability; and
- Efforts by the FSB and standards-setting bodies to provide guidance on such topics
The lexicon will be presented at the G20 Leaders’ Summit to be conducted in Buenos Aires later this month.
Cybersecurity has also been receiving increased attention in the Canadian investment industry in recent years. Oversight bodies, including the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC), have highlighted the need for cooperation in responding to cybersecurity incidents.
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