The consortium was led by Zurich, major U.S. bank Citigroup and the U.S. Depository Trust & Clearing Corporation (DTCC), as the Financial Times reported in an article. Founding members also include Hewlett Packard Enterprise and Kabbage.
The aim of the consortium is to help fintech startups toughen their defences against cyber attacks. Over the next 12 months, a set of cyber security standards will be developed for fintechs to follow so they can continue to partner with major corporations.
The article writes that while the latter have invested heavily in bolstering their defences against cyber attacks, the same cannot always be said for smaller fintechs when it comes to such threats. By introducing these standards, the companies in the consortium intend to prevent being attacked via their fintech subsidiaries or partners.
According to the Financial Times, the consortium was brought together following a meeting hosted last year by the World Economic Forum in Davos.
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