On 20 July 2020, the WFE published its supportive response to the FSB’s proposals for promoting effective practices for cyber incident response and recovery across financial services and in providing practices that will help other market segments ‘level up’ their standards in this area. However, the response also suggested further efforts on specific matters such as:
• Clarity over the use of terminology (ideally through greater use of a taxonomy) and concepts.
• Indexing, or providing guidance for, internationally used cybersecurity frameworks and regulations where clarity is needed and to help 'map' the practices to them.
• How the practices can best be implemented to ensure increased cyber resilience across the ecosystem.