The World Economic Forum announced the creation of a new consortium to strengthen cybersecurity for financial technology companies (fintechs) and data aggregators.
The consortium’s founding members include global bank Citigroup, insurance company Zurich Insurance Group, fintech lender Kabbage, information technology company Hewlett Packard Enterprise (HPE), and financial infrastructure provider The Depository Trust & Clearing Corporation (DTCC).
Its aim is to create a framework for the assessment of cybersecurity in financial technology.
The consortium came about after leading cybersecurity experts convened by the World Economic Forum identified the growing threat of cyber-attacks to financial services providers as a key concern for the global financial system.
Their assessment and proposed solutions were published in Innovation-Driven Cyber-Risk to Customer Data in Financial Services, a white paper.
Incumbents are increasingly linking technology companies to their system infrastructure – either voluntarily or as a result of regulation such as the European Union’s Payment Services Directive 2 – making it crucial to have a reliable and objective cybersecurity framework in place. At the same time, the assessment will benefit new entrants.
The consortium will commence work immediately in close consultation with the World Economic Forum’s new Global Centre for Cybersecurity in Geneva, Switzerland.
It will develop common principles for cybersecurity assessments, guidance for implementation, a point-based scoring framework, and guidance on improving an organization’s score.
It will draw upon a similar, domestic-focused project undertaken in 2017 by the US Chamber of Commerce on Critical Infrastructure Protection, Information Sharing and Cybersecurity.
Find out more here.