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Proposal for a common categorisation of IT incidents

Author

Listed:
  • Autorite de Controle Prudentiel et de Resolution
  • Banca d'Italia
  • Commissione Nazionale per le Società e la Borsa
  • Deutsche Bundesbank
  • European Central Bank
  • Federal Reserve Board
  • Financial Conduct Authority
  • Ministero dell'Economia e delle Finanze
  • Prudential Regulation Authority
  • U.S. Treasury

Abstract

This paper presents the proposal for a common categorisation of malicious cyber incidents (cyber‑attacks) and other information technology (IT) incidents formulated by ten financial authorities that are members of the G-7 Cyber Expert Group (CEG) and that represent six of the G-7 jurisdictions. The aim of the proposal is to promote the harmonisation of the various incident reports that authorities require from financial institutions by defining common principles and developing a common taxonomy for incident reporting. The adoption of these common principles and taxonomy should make incident reporting more robust and effective by facilitating a common understanding of incidents, the sharing of information, and the joint management of IT cross-border crises.

Suggested Citation

  • Autorite de Controle Prudentiel et de Resolution & Banca d'Italia & Commissione Nazionale per le Società e la Borsa & Deutsche Bundesbank & European Central Bank & Federal Reserve Board & Financial Co, 2021. "Proposal for a common categorisation of IT incidents," Mercati, infrastrutture, sistemi di pagamento (Markets, Infrastructures, Payment Systems) 6, Bank of Italy, Directorate General for Markets and Payment System.
    • Handle: RePEc:bdi:wpmisp:mip_006_21
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    File URL: https://www.bancaditalia.it/pubblicazioni/mercati-infrastrutture-e-sistemi-di-pagamento/approfondimenti/2021-006/N.6-MISP.pdf
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    More about this item

    Keywords

    it incidents; cyber incidents; operational incidents; taxonomy;
    All these keywords.

    JEL classification:

    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • K24 - Law and Economics - - Regulation and Business Law - - - Cyber Law
    • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General

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