Fintech forum drafts vendor code amid cyber risks
In short
The Unified Fintech Forum is working on a framework for technology vendors as cyber risks rise. The move is meant to push better security and stronger operations for fintech firms and banks that use outside providers.
The reporting says registered vendors may get preference when financial institutions choose suppliers. It does not say when the code will be finished or what the final rules will be.
What the reporting says
The Unified Fintech Forum is developing a framework for technology service providers amid rising cyberthreats and security risks, according to a publisher summary. The effort is meant to promote best practices, improve cybersecurity preparedness and strengthen operational resilience across fintech firms and banks that rely on third-party vendors. The reporting says registration may also give vendors preference in selection, but the final rules and timing are not stated.
Why it matters
The Unified Fintech Forum is developing a vendor framework as banks and fintech firms depend more on third-party service providers and face higher cyber risk, according to the summary. The proposed code is aimed at best practices, cybersecurity preparedness and operational resilience. The reporting also says registration may help vendors in financial-institution selection, but it does not state the rules, enforcement method or rollout date.