A newly created consortium consisting of Citigroup, Zurich Insurance Group, Kabbage, HPE and DTCC will develop cybersecurity assessment for fintechs and data aggregators. The group is expected to strengthen cybersecurity for fintechs and data aggregators, and its aim is to create a framework for the assessment of cybersecurity in financial technology.
Incumbents are increasingly linking technology companies to their system infrastructure – either voluntarily or as a result of regulation such as the European Union’s Payment Services Directive 2 – making it crucial to have a reliable and objective cybersecurity framework in place. At the same time, the assessment will benefit new entrants.
The consortium is working in close consultation with the World Economic Forum’s new Global Centre for Cybersecurity in Geneva, Switzerland. It will develop common principles for cybersecurity assessments, guidance for implementation, a point-based scoring framework, and guidance on improving an organization’s score. It will draw upon a similar, domestic-focused project undertaken in 2017 by the US Chamber of Commerce on Critical Infrastructure Protection, Information Sharing and Cybersecurity.