The World Economic Forum is on the move to strengthen further the cybersecurity of fintech firms and data aggregators.

WEF has recently formed a four member fintech cyber security consortium to battle threats against cyber security.

The fintech cyber security consortium are made up of City and Kabbage,  DTCC, Hewlett Packard Enterprise and Zurich Insurance.

The tasks of the newly formed fintech cyber security consortium is to  develop common principles for cybersecurity assessments, guidance for implementation, a point-based scoring framework, and tips on improving scores.

WEF decided to form the fintech cyber security consortium after some cybersecurity experts told them the growing threat of cyber-attacks to financial services providers which could affect the global financial system.