World Economic Forum Announces Cybersecurity Consortium

Source: REUTERS/Denis Balibouse

The World Economic Forum will manage a new consortium that will attempt to help fintech (financial technology) firms implement adequate security measures at the product design stage. The creation of the consortium is a response to the ever growing presence and impact of digital services in finance. The group will seek to create a standard upon which the security of data aggregators and fintech companies will be assessed.  Founding members in the consortium include Kabbage, Citigroup Inc, Zurich Insurance Company, Hewlett Packard Enterprise, and the Depository Trust & Clearing Corporation. 

As banks and financial organizations' collaborations with tech start ups continue to grow globally, the desire to ensure proper cybersecurity measures are being implemented by all companies is becoming paramount. The financial services industry is among one of the most targeted by cyber criminals and hackers due to its vast amount of assets (data and money). It is important to ensure that as the way financial services are consumed and created shifts and evolves, risk to consumers is appropriately managed and minimized. The consortium is currently seeking to add more members and has yet to announce whether its focus will be global or focused on a specific region. 

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