The World Federation of Exchanges (WFE) on Monday published its response to the Financial Stability Board’s (FSB) Cyber Lexicon consultation.
The draft document is intended to a create a draft glossary of common terns for cybersecurity and resilience.
The WFE welcomes the work done on the lexicon and says the effort is fundamental for the market infrastructure industry to help defend against attackers.
In a submission to the FSB, the WFE provides a series of recommendations that aimed at making the proposed lexicon more consistent and effective. Among other things, the submission proposes some new terms and definitions for the lexicon and recommends alternative definitions for a couple of terms to more clearly define them. It also recommends repeating the consultation every three years to ensure that it remains accurate and effective.
“The area of cybersecurity and resilience is fraught with complexities and variations around terminology, therefore implementing a clearly defined set of common terms will allow market participants a greater ability to work in a coordinated manner across geographies, in the event of a regional or global cyberattack,” says Nandini Sukumar, CEO of the WFE, in a statement. “Furthermore, a common vocabulary can support the development of industry standards.”
“We look forward to the refined and finalized lexicon being ready for the G20 meeting in Buenos Aires in November,” she adds.