The Financial Stability Board today announced it has finalized a common framework that financial firms can use to report operational incidents, including cyber incidents.
The Format for Incident Reporting Exchange, or FIRE, is a global initiative seeking to streamline cyber and operational incident reporting, according to FSB. Developed in collaboration with the private sector, the document provides a set of standardized information items and is designed to maximize flexibility and interoperability. FIRE covers a broad range of operational and cyber incidents and can also be used by third-party service providers and organizations beyond the financial sector.
The FSB will hold a workshop in 2027 to review the experiences with FIRE and implementation challenges.