COLOGNY, Switzerland—A new consortium led by the World Economic Forum aims to bolster the financial industry’s battle against a growing range of cyber threats.
Hewlett Packard Enterprise, along with a number of leading names in the financial services sector, have banded together to create a new consortium designed to improve the cybersecurity of fintech companies, Silicon reported.
The as yet unnamed consortium is being led and managed by the World Economic Forum (WEF), and will work with the WEF’s new Geneva-based Global Centre of Cybersecurity to develop a points-based scoring system for fintech firms.
The move comes amid the threat to the financial sector, which is increasingly integrating more fintech solutions into their everyday services offering, Silicon stated.
The WEF-led consortium will develop a set of cyber security standards that fintech companies can sign up to.
The goals of the new group include developing common principles for cybersecurity assessments, guidance for implementation, a point-based scoring framework, and guidance on improving an organization’s score.
Founding members of the consortium include Citigroup, online lender Kabbage, the Depository Trust & Clearing Corporation, Zurich Insurance Group and Hewlett Packard Enterprise.