WEF’s Cybersecurity Consortium says the Profile has the potential to become a “roadmap” for financial tech companies looking to safely and efficiently expand their businesses
Washington, DC – Ahead of a planned summit in January, the World Economic Forum (WEF) FinTech Cybersecurity Consortium — a consortium made up of the world’s most prominent technology companies, governments and international non-government organizations — published a report on July 23 identifying the Cyber Risk Institute (CRI) — launched in May 2020 by the Bank Policy institute — on a list of organizations contributing to improvements in cybersecurity and the resilience of the global financial system. Specifically, the report outlined the benefits of the Financial Services Cybersecurity Profile (the “Profile”), currently maintained by CRI.
“Much like banks, FinTech companies have an obligation to their customers and their stakeholders,” said CRI Founder and Managing Director Josh Magri, “The Profile is an invaluable tool to help these firms meet stringent compliance expectations more efficiently without sacrificing the quality or thoroughness of maintaining critical security standards.”
“We’ve highlighted the Profile as a mechanism that can help FinTechs more effectively combat cyber threats and threat actors, the same way that it’s already helping banks and other financial institutions around the world,” added Daniel Dobrygowski, Head of Governance and Policy for the World Economic Forum Centre for Cybersecurity.
The Profile provides organizations across the financial sector with a baseline for cybersecurity compliance. It leverages the widely used NIST Cybersecurity Framework to distill over 2,300 possible regulatory provisions down to 277 diagnostic statements for larger financial institutions, and as few as 136 diagnostic statements for FinTechs and other startups. WEF’s report stated that the Profile’s streamlining allowed companies to be more client-focused. The report also noted the Profile is likely to “grow in relevance and applicability to FinTechs.”
Given its much-lauded standardized approach to risk assessment and management, the CRI Profile is rapidly becoming a benchmark for cybersecurity in the financial sector, with more than 100 firms across 4 continents currently utilizing it. Because of CRI’s commitment to consistency and efficiency across the industry, its members continue to earn the confidence of regulators and consumers alike.
The Cyber Risk Institute (CRI) is a not-for-profit coalition of financial institutions and trade associations operating as a subsidiary of Bank Policy Institute. CRI is working to protect the global economy by enhancing cybersecurity and resiliency through assessment standardization. Its Cyber Profile tool is the benchmark for cyber security and resiliency in the financial services industry. Learn more at cyberriskinstitute.org.