The Financial Stability Board (FSB) has published its final report on a toolkit of effective practices for financial institutions’ cyber incident response and recovery (CIRR). The toolkit aims to assist financial institutions before, during and after a cyber-incident in order to limit any related financial stability risks. It comprises 49 effective practices that institutions have adopted and is structured across seven key components: governance, planning and preparation, analysis, mitigation, restoration and recovery, co-ordination and communication, and improvement.
The FSB suggests that the toolkit will also be useful for national authorities as they consider their approaches to supervision and regulation or respond to a cyber-incident within the sector.