FSB finalises the common Format for Incident Reporting Exchange (FIRE)

• FIRE is a standardised yet adaptable format to enhance the efficiency and consistency of cyber and operational incident reporting.
• Developed in collaboration with private sector experts, FIRE reduces the reporting burden for firms operating across multiple jurisdictions and improves communication with and among authorities.
• FIRE supports a phased implementation and is designed to be interoperable with current systems, encouraging widespread adoption.

The Financial Stability Board (FSB) has today published its finalised Format for Incident Reporting Exchange (FIRE), a global initiative aimed at streamlining cyber and operational incident reporting. By introducing a standardised format, FIRE addresses the fragmentation in reporting requirements, alleviating the burden on firms that operate across multiple jurisdictions.

At a time of heightened cyber risks and increasing reliance on technology and third-party services, the ability to respond swiftly and effectively to operational incidents - particularly cyber incidents - has become more critical than ever. FIRE facilitates timely action and fosters improved communication and coordination among authorities across borders.

Developed in close partnership with the private sector, FIRE encompasses a wide range of operational and cyber incidents. Its potential applicability extends to third-party service providers and firms beyond the financial sector. Its focus on promoting convergence and flexibility in incident reporting has garnered strong support, underscoring its practical value and relevance to stakeholders.

For jurisdictions without a standardised reporting framework, FIRE offers a robust foundation upon which they can build. For those with existing frameworks, it supports a phased implementation approach and is designed to be interoperable with current systems, ensuring a smooth transition and encouraging broad adoption.

Klaas Knot, President of De Nederlandsche Bank and Chair of the FSB, said: "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."

Notes to editors

The finalised FIRE framework reflects public feedback received on the consultative version issued in October 2024, as well as the results of a robustness test that the FSB conducted using sanitised data from industry stakeholders.

FIRE builds on the FSB Recommendations to Achieve Greater Convergence in Cyber Incident Reporting, published in 2023. The 2023 Recommendations included an updated cyber lexicon and a concept for developing a common format for incident reporting exchange (FIRE) as a way to achieve greater convergence in cyber incident reporting.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.