New FSB initiatives on cyber incident reporting should aim to encourage best practices and avoid imposing new requirements


Insurance Europe has published its response to a consultation conducted by the Financial Stability Board on cyber incident reporting.

The insurance sector supports convergence and the re-use of existing standards for cyber incident reporting, including with ongoing initiatives.

Any new initiatives should aim to encourage best practices and refrain from establishing new requirements, such as additional information channels or multiple layers of reporting.

Insurance Europe maintains its position that consistency in the terminology used across different legislation and texts will facilitate greater convergence in cyber incident reporting.