Switzerland’s largest insurer has teamed up with other large finance companies to protect fintech firms against hackers. The move isn’t all altruistic of course.
Zurich agreed to a deal with U.S. giant Citigroup and Depository Trust & Clearing Corporation, provider of services to the U.S. stock exchange. The reason for this unusual tie-up is the concern about the weakest link.
The three partners aim to help fintech startups to defend themselves against attacks by hackers, according to a report by the «Financial Times» (behind paywall). The group also wants the new firms to agree to cyber standards as for when they work with large corporations.
And that is a sign of what this is all about: protection against cyber crime. While large companies have ramped up their arsenal in recent years, they now worry most about an attack through the back door. For example through solutions sold by fintech firms scarcely protected against hacker attacks.
Back Door Attack
Israel’s cyber expert Shira Kaplan recently told finews.com that third parties and service providers have become the last of the big open doors for hackers at financial service companies.
Zurich is now bidding to close this open door.
