It was announced last week that major players in the financial technology (fintech) space have come together to convene a cyber security consortium – poised to centralize best practices, encourage collaboration and shed light on the widening scope of security as a whole.
News of the consortium was made public on March 6 by the World Economic Forum. It will particularly focus on fintech and data aggregators. 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). Incumbent members will put forth a framework for security assessment as it pertains to fintech, according to a release.
The World Economic Forum organized the group amid an intensifying threat landscape. Unsurprisingly, cyber-attacks have been identified as a key concern for the global financial system – hence the creation of the group to streamline control and mitigation efforts. The consortium’s proposed solutions have been published in whitepaper format.
In describing the solutions in the report, Stephen…
