The insurance sector supports convergence and the re-use of existing standards for cyber incident reporting, including with ongoing initiatives, Insurance Europe said in its response to a consultation conducted by the Financial Stability Board on cyber incident reporting.

Any new initiatives should aim to encourage best practices and refrain from establishing new requirements, such as additional information channels or multiple layers of reporting. According to insurers' European federation, FSB initiative does not take account of existing standards for cyber reporting such as MITRE, Traffic Light Protocol, Information Exchange Policy etc. which are already used by cyber emergency risk teams (CERT). The insurance sector supports convergence and the re-use of existing standards for cyber reporting, including with ongoing initiatives

Insurance Europe maintains its position that consistency in the terminology used across different legislation and texts will facilitate greater convergence in cyber incident reporting.

Read the full response document here.