World Economic Forum launches new fintech cybersecurity consortium
The World Economic Forum (WEF) has announced the creation of a new fintech cybersecurity consortium that aims to address the cybersecurity issues facing fintech firms across the globe.
The consortium includes Citigroup, Zurich Insurance Group and Hewlett Packard Enterprises (HPE), with a common goal between these members of creating a benchmark framework that will be able to assess cybersecurity capabilities in the financial technology industry.
“Cyber-risk is the number-one threat to the financial services industry and its infrastructure, so it is critically important that we work together to share insights and drive best practice,” said Michael Bodson, President and Chief Executive Officer of DTCC, USA, and Founding Member of the consortium. “This initiative will further strengthen cyber-resilience and foster greater collaboration with our colleagues across the public and private sectors globally.”
The consortium was created after leading cybersecurity experts identified the growing threat of cyberattacks, particularly focused at financial service providers.
“Cyber breaches recorded by businesses have almost doubled since 2013 and the estimated cost of cybercrime is $8tn over the next five years,” said Mario Greco, CEO of Zurich Insurance Group, Switzerland. “We expect the consortium to help adopt best cybersecurity practices and reduce the complexity of diverging cyber regulation around the world.”
The consortium will work closely with the WEFs new Geneva-based Global Centre for Cybersecurity, developing principles and guidance for improving cybersecurity networks.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”