It was revealed last Tuesday that a consortium dedicated to the improvement of cybersecurity for financial technology companies had been created with the help of the World Economic Forum.

According to the group, they will be creating a framework that will assess the security level of fintech companies and data aggregators. The financial sector has been the most valuable to cyber attacks, and with banks and finance firms with new startups to revamp the creation and consumption of financial services, fintechs are expected to implement sturdier cybersecurity measures.

The consortium lists Citigroup Inc., online lender Kabbage, the Depository Trust & Clearing Corporation, Zurich Insurance Group, and Hewlett Packard Enterprise as founders.

Source: Reuters

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