Cyber risk is pervasive, systemic and global in scope. In the financial services industry, it is increasingly difficult to mitigate this risk, since the modularization of financial servicesinterlinks organizations whose cybersecurity maturity levels vary greatly. It is therefore difficult for any one firm to understand how an attacker might move laterally across a supply chain. Given that interests and priorities diverge among actors, a sector-wide baseline for cybersecurity is necessary to ensure the integrity of the global financial system. A vital step in establishing this baseline is for financial technology (FinTech) companies to uphold their obligations to system resilience. FinTech companies must protect themselves and their customers in a measurable and demonstrable way, but they are often faced with fragmented regulations and finite resources and operate in a market where skilled expertise is in short supply. This Consortium helps raise the level of FinTech cybersecurity by supporting the scaling and adoption of frameworks that provide clear and achievable cybersecurity guidelines to FinTechs to enhance the security of the wider financial services supply chain. More significantly, this work is a vital step towards creating durable partnerships that will improve the cybersecurity and resilience of the global financial system. Additional organizations – including the Cyber Risk Institute, supported by the World Economic Forum, and the Coalition to Reduce Cyber Risk – will carry this group’s recommendations forward to implementation across the financial sector globally.
The report is available from the World Economic Forum website.