Zurich backs cybersecurity consortium

March 7 2018 by InsuranceAsia News Staff

Zurich Insurance has teamed up with Citigroup and Depository Trust & Clearing Corp (DTCC) to form a consortium that will devise a set of cybersecurity standards, according to an FT report.

The consortium aims to produce a set of standards over the next six to 12 months that financial technology companies can sign up to and follow.

Other founding members of the group include Hewlett Packard and US-based online lender Kabbage.

The consortium was formed as a result of a meeting held by the World Economic Forum in 2017 to promote cooperation between the public and private sectors.

Its formation also took place a month after the US Securities and Exchange Commission asked companies to adopt clearer cyber risk disclosures.