Major Incident Classification

Definition ∞ Major incident classification is a systematic process for categorizing and prioritizing significant events that disrupt critical systems or operations, based on their severity and impact. This classification helps organizations respond effectively, allocating appropriate resources and expertise to resolve the issue promptly. It distinguishes between routine problems and events requiring urgent, high-level attention to minimize damage and restore functionality. This framework is essential for effective risk management.
Context ∞ In the digital asset sector, major incident classification is crucial for managing security breaches, network outages, or significant market disruptions. News reports often detail how exchanges or blockchain projects handle such events, including communication protocols and recovery efforts. Regulators are increasingly focused on requiring crypto service providers to have robust incident response plans and clear classification schemes to protect users and maintain market stability.