The Financial Stability Board (FSB) has released the finalized Format for Incident Reporting Exchange (FIRE), an initiative aimed at enhancing the consistency of cyber and operational incident reporting globally. FIRE introduces a standardized format to ease the reporting process for firms operating across multiple jurisdictions and to improve communication with authorities.
The FSB's new initiative comes in response to increased cyber risks and dependence on technology, highlighting the need for effective and swift responses to operational incidents, especially cyber-related ones. FIRE facilitates prompt actions and boosts coordination among global authorities.
Developed in collaboration with private sector experts, the format covers a wide variety of operational and cyber incidents. It applies to third-party service providers and companies beyond the financial sector. Its design aims to promote convergence and flexibility in incident reporting, gaining strong support from stakeholders.
For regions without a standardized reporting framework, FIRE provides a solid base for development. Existing frameworks can implement FIRE in phases, as it is compatible with current systems, ensuring a smooth transition and promoting widespread adoption.
Klaas Knot, the President of De Nederlandsche Bank and Chair of the FSB, stated, "FIRE demonstrates how international regulatory cooperation can deliver benefits for all stakeholders. It also highlights the value of public-private partnerships in tackling shared challenges, such as those related to cyber and operational resilience."
Following public feedback on an earlier version released in October 2024 and a robustness test conducted with industry data, the FIRE framework was finalized. It builds on the FSB's 2023 recommendations aiming for convergence in cyber incident reporting, which included an updated cyber lexicon.
The FSB works to coordinate efforts at the international level among national financial authorities and standard-setting bodies to foster effective financial sector policies for stability. It connects authorities in 24 countries and cooperates with international financial institutions and more than 70 other jurisdictions through its regional consultative groups. Klaas Knot chairs the FSB, with its Secretariat based in Basel, Switzerland, hosted by the Bank for International Settlements.