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.

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“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.