FSB’s FIRE ignites global progress in cyber incident reporting
Earlier this week the Financial Stability Board (FSB) published the final Format for Incident Reporting Exchange (FIRE)—a global framework designed to harmonise how financial institutions report operational and cyber incidents. Developed with input from both regulators and the private sector, FIRE is aimed at reducing reporting fragmentation and improving cross-border cooperation.
The FIRE framework includes a standardised set of data definitions and is designed to be flexible enough for use across jurisdictions and industries. It’s built for interoperability and is particularly valuable for firms that report to multiple authorities. For jurisdictions without a standardised system, FIRE offers a ready-made foundation. For those with existing frameworks, it promises smooth integration and phased implementation.
To accelerate global uptake, the FSB has also released a full technical package—including an abstract model, validation rules, and an XBRL taxonomy. That means FIRE isn’t just a concept—it’s machine-readable, future-proofed, and ready for real-world digital implementation. A simple Excel-based tool could be used to create and validate reports, but enterprise-level solutions that are built around machine-to-machine interactions are equally possible.
This is a powerful example of how structured, digital formats like XBRL can support risk management and resilience on a global scale. Stronger reporting. Smarter response. And yes—other sectors should take note.
Explore the final report and the technical taxonomy package.
