Global cyber glossary for foiling financial attacks should be anchored in two bodies, exchanges say

7 September 2018 9:29pm
The Financial Stability Board should root its plan to develop a worldwide cyber glossary in terms already used by two major standard-setting bodies, a group of exchanges and clearinghouses said in a letter.

The lexicon to be used in a program to thwart electronic attacks on the financial sector should be based on work done by the International Organization for Standardization and the US National Institute of Standards and Technology, the letter said.

These two are the “most distinguished sources” of cyber standards, said the World Federation of Exchanges, whose dozens of members include Intercontinental Exchange, Nasdaq and Japan Exchange Group.

The FSB dictionary being developed “would be more effective and consistent if the definitions were anchored exclusively” in the two standards bodies, the letter said. Their “glossaries of key terms are more comprehensive than other sources.”