Enhancing cyber resilience has been a key element of the FSB's work programme to promote financial stability. In 2017, the FSB took stock of financial sector cyber security regulations, guidance and supervisory practices. [FSB (2017), Summary Report on Financial Sector Cyber security Regulations, Guidance and Supervisory Practices, October.] This work identified, among other things, a need to enhance communication between authorities and the private sector. To facilitate more effective communication, the FSB developed a Cyber Lexicon in 2018 to support the work of the FSB, standard-setting bodies (SSBs), authorities and private sector participants to address financial sector cyber resilience.

Given the interconnectedness of the financial sector, the FSB agreed in 2018 to develop a toolkit to provide financial institutions with a set of effective practices to respond to and recover from a cyber incident to limit any related financial stability risks. The toolkit is not intended to create an international standard, or constitute standards for organisations and their supervisors. It is not a prescriptive recommendation for any particular approach. The toolkit is designed as a range of effective practices that any organisation can choose from, based on its size, complexity and risks.

Development of the toolkit