We use cookies to give you the best online experience. By using our website you agree to our use of cookies in accordance with our cookie policy. Learn more here.Close Me
On July 2, 2018, as part of its work on the protection of
financial stability against the malicious use of information and
communication technologies, the Financial Stability Board published
a draft cyber lexicon for consultation.
In March 2017, the FSB was asked by the G20 Finance Ministers to
review and produce a stock-take report on the existing regulation,
supervisory practices and guidance on cyber security in the
financial sectors of G20 jurisdictions. The G20 welcomed the
FSB's stock-take report in October 2017 and asked the FSB to
continue its work and to develop a common lexicon of cyber
terms.
The FSB stresses that the lexicon is not intended for use in the
legal interpretation of any international arrangement or agreement
or any private contract. The use of the cyber lexicon will not be
mandatory. Its purpose is to support the work of the FSB,
standard-setting bodies, national authorities and private sector
participants to address, and develop guidance on, cyber security
and cyber resilience in the financial sector. In particular, the
aim of the cyber lexicon is to create a cross-sector common
understanding of relevant cyber security and cyber resilience
terminology and to facilitate assessment and monitoring of
financial stability risks in cyber risk scenarios.
The FSB established a Working Group of experts to develop the
lexicon, chaired by the U.S. Federal Reserve Board and including
representatives from member jurisdictions and from each of the
standard-setting bodies. In selecting terms to be included in the
lexicon, the Working Group applied criteria to reflect the scope
and objective of the lexicon and to exclude technical ICT terms and
general business and regulatory terms. Following the selection of
terms, further criteria were used to develop the relevant
definition. The FSB is now seeking feedback on the definitions it
has developed, whether the criteria used for selection and
definition of terms are appropriate, whether terms should be added,
deleted or modified and on how the lexicon might be maintained and
updated going forward.
Comments on the draft lexicon are invited by August 20, 2018.
The FSB will publish all submissions on its website unless
respondents expressly request otherwise.
The FSB intends to deliver the completed lexicon to G20 leaders
at their summit in Buenos Aires on November 30 – December 1,
2018.
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Uncertainty regarding the compatibility of blockchain technology and the European Union's General Data Protection Regulation (GDPR) has often been highlighted as a potential obstacle to the development and widespread implementation of blockchain systems involving personal data.
Recently, Amazon refused (registration required) to provide data from an Amazon Echo device in a case involving the a double homicide in response to an order issued by a New Hampshire state judge.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
White House Chronicle: How To Build Smarter Smart Cities (Video)
