trending Market Intelligence /marketintelligence/en/news-insights/trending/k4n5hzwuu1vi6dld7w9-kw2 content esgSubNav
In This List

Consortium to draw up cybersecurity standards for fintech companies

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Consortium to draw up cybersecurity standards for fintech companies

A consortium led by Citigroup Inc., Zurich Insurance Group AG and Depository Trust & Clearing Corp. has pledged to develop a set of cybersecurity standards for technology companies, the Financial Times reported March 6.

Although big banks, insurers and other financial institutions have spent heavily on cyber defenses, they may remain vulnerable to attacks because of partnerships with smaller technology companies. Many have partnered with financial technology companies specializing in areas such as online lending, payments, wealth management and biometrics, the report noted.

The consortium aims to produce a set of standards in the coming six to 12 months.