Financial Stability Board cyber lexicon should include LEIs, authority argues

31 August 2018 8:54am
The international authority that manages financial traders’ identification codes urged the Financial Stability Board to add legal entity identifiers to its cyber lexicon plan.

The 20-digit tags should be included among common terms to be used across jurisdictions in addressing cyberthreats to financial stability, the Global Legal Entity Identifier Foundation argued.

The standardized codes could help authenticate electronic users or deny access, as well as assist with data exchanges among firms, the Switzerland-based foundation said in a letter posted online Thursday.

“Leveraging the LEI in the lexicon as the FSB seeks to provide guidance related to cyber security and cyber resilience, including identifying effective practices, would lead to effective and consistent regulatory approaches,” the letter said

The nonprofit foundation was created by the FSB, the regulatory arm of the Group of 20 economic powers, to promote firms’ adoption of the ID codes to help regulators worldwide tally banks’ and asset managers’ overall risk exposure.