Ten financial authorities, including CONSOB, participating in the G-7 Cyber Expert Group (CEG) representing six G-7 jurisdictions, collaborated in developing a proposal for a common classification of malevolent cyber incidents (cyber attacks) and of other incidents concerning cyber security. The proposal is described in an Occasional Paper - "Proposal for a common categorization of IT incidents" - in compliance of the request made by the Finance Ministers and Central Bank Governors during the G-7 Finance Track meeting in Chantilly in July 2019.
The objective of the proposal is to promote, through the definition of common principles and by the development of a shared taxonomy, the harmonization of incidents-related reports provided for by different frameworks required to financial entities by the authorities. The adoption of both common principles and taxonomy would make more forceful and effective the reporting of incidents, facilitating their common understanding, the sharing of information and the joint management of cyber crises at the international level. The participating authorities took into account, in their proposal the comments made by the representatives of the respective financial sectors.