WEF creates fintech cyber security consortium

The World Economic Forum (WEF) has founded a consortium with the aim of improving cybersecurity in financial technology companies.

The group will create a framework to help assess the security and protection of fintech companies and data aggregators against a rising tide of hacking and attacks. Members include Citigroup, online lender Kabbage, the Depository Trust & Clearing Corporation, Zurich Insurance Group and Hewlett Packard.

The need for better cybersecurity assessment mechanisms has been specified by a WEF report that also noted that the use of robotics and biometrics was expanding the amount of customer data at risk, and that directives such as the Open Banking standards are allowing more potential weak points as traditional banks hook up with newer financial technology companies.

The new consortium will work alongside WEF’s Geneva-based Global Centre of Cybersecurity.

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