The Financial Stability Board is urging banks and regulators to use a newly-launched toolkit to help contain the damage inflicted by a major cyber incident.

The global standards setting body believes a significant cyber attack could seriously disrupt the financial system, including critical financial infrastructure, leading to broader financial stability implications.

The toolkit includes 49 practices for effective cyber incident response and recovery across seven components: (i) governance, (ii) planning and preparation, (iii) analysis, (iv) mitigation, (v) restoration and recovery, (vi) coordination and communication, and (vii) improvement.

The final toolkit draws on the feedback from a public consultation process, including four virtual outreach meetings with national authorities worldwide. The report was delivered to G20 Finance Ministers and Central Bank Governors for their October meeting.