The global financial services sector can soon share a common lexicon to address cybersecurity issues.  The Financial Stability Board (“FSB”), the international body that monitors and makes recommendations about the global financial system, published its long-awaited Cyber Lexicon earlier this month after a working group it chartered, chaired by the U.S. Federal Reserve Board and members from 15 other jurisdictions, developed the common vocabulary.

The FSB set out to develop industry practices to assist in countering cyberattacks after a recent study identified that the global financial services sector had seen a remarkable 40 percent increase in cyber crimes over a three-year period.  According to a press release issued by the FSB, “the lexicon comprises a set of approximately 50 core terms related to cyber security and cyber resilience in the financial sector,” and “is intended to support the work of the FSB, standard-setting bodies, authorities and private sector participants, e.g. financial institutions and international standards organisations, to address financial sector cyber resilience.”

The Cyber Lexicon, although already published to the FSB website, will be officially unveiled to global financial leaders at the G-20 summit, which begins on November 30, 2018, in Buenos Aires.