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.
