Cyber risk disclosure gains prominent focus

A consortium led by Citigroup Inc, Zurich Insurance Group 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.

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.

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

Last month, the US 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.