On 15 April 2025, the Financial Stability Board (FSB) published its finalised Format for Incident Reporting Exchange (FIRE), a global standardised format aimed at streamlining cyber and operational incident reporting and enhancing cross-border cooperation.
FIRE is a common framework that financial firms can use to report operational incidents, including cyber incidents. It provides a set of standardised information items and the FSB explains that it has been designed to maximise flexibility and interoperability. FIRE covers a broad range of operational and cyber incidents and can also be used by third-party service providers and organisations beyond the financial sector.
The FSB notes that for jurisdictions without a standardised reporting framework, FIRE offers a strong foundation to build on, while for those with existing frameworks it supports phased implementation and is designed to integrate seamlessly with current systems, with the aim of enabling a smooth transition and fostering widespread adoption.
A downloadable taxonomy package has been released to facilitate adoption of FIRE. The FSB plans to hold a workshop with industry and authorities in 2027, to review their experiences with FIRE and any implementation challenges.