Ability to customize severity levels

I've read through the other suggestions and don't see this listed anywhere. I like the similar suggestion of customizable statuses for reports, but my group would also like customizable bug severities. We're used to a 5 tier system rather than just four--something along the lines of trivial, minor, concerning, major, and IT'S ON FIRE. We're new to the system but so far it works great for us other than this limitation. I don't know how practical it is for it to be fully customizable, but even just options of 3, 4, or 5 levels would give users more options for their needs.

Thanks for considering!