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Citigroup, Zurich Insurance consortium to develop cyber security norms: FT

FILE PHOTO: The Citibank building is seen in the financial district of Canary Wharf in London, Britain January 19, 2017. REUTERS/Kevin Coombs/File Photo

(Reuters) - A consortium led by Citigroup Inc, Zurich Insurance Group AG 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 on Tuesday.

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, the FT said. http://on.ft.com/2FqDLzX

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

Citi, Zurich Insurance and DTCC were not immediately available for comment outside regular business hours.

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Last month, the U.S. 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.

(Reporting by Mekhla Raina in Bengaluru; Editing by Gopakumar Warrier)