Citigroup, Zurich Insurance consortium to develop cyber security norms: FT

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(Reuters) – A consortium led by Citigroup Inc (C.N), Zurich Insurance Group AG (ZURN.S) and Depository Trust & Clearing Corp (DTCC) will develop a set of cyber security standards that fintech companies can sign up to, the Financial Times reported on Tuesday.

FILE PHOTO – The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

The group was formed as a result of a meeting held by the World Economic Forum last year to promote cooperation between the public and private sectors, the FT said.

Founding members of the grouping, which include Hewlett Packard Enterprise Co (HPE.N) and U.S.-based online lender Kabbage, and participants say they aim to produce a set of standards within the next six to 12 months, according to FT.

Citi, Zurich Insurance and DTCC were not immediately available for comment outside regular business hours.

Last month, the U.S. Securities and Exchange Commission called for “clearer” cyber risk disclosure and asked companies to adopt specific policies restricting executive trading in shares while a hack was being investigated.

Reporting by Mekhla Raina in Bengaluru; Editing by Gopakumar Warrier