World Economic Forum launches new fintech cybersecurity consortium

By Jonathan Dyble
The World Economic Forum (WEF) has announced the creation of a new fintech cybersecurity consortium that aims to address the cybersecurity issues facing...

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.

See also:

“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.

Share

Featured Articles

TECH LIVE LONDON: An overview of the hybrid technology show

We take a look at the first day of Tech Live London with insights from technology leaders from companies such as IBM, Microsoft and Vodafone

TECH LIVE LONDON: Begins tomorrow at 10am!

Our marquee technology event is nearly here. There's still time to claim your free ticket (worth £295). Look forward to welcoming you to the Tobacco Dock!

Executive Q&A: Marc Lueck, CISO EMEA, Zscaler

As we prepare to welcome the Zero Trust leaders to TECH LIVE LONDON this June 23-24, we take the opportunity to chat to Zscaler CISO of EMEA, Marc Lueck

TECH LIVE LONDON: Registering, networking and logistics

Digital Transformation

New speaker from Infosys announced for TECH LIVE LONDON!

Digital Transformation

New speaker from Bernadette announced for TECH LIVE LONDON!

Digital Transformation