The World Economic Forum (WEF) has reportedly begun recruiting banks to combat cybercrime, beginning with Sberbank in Russia.
A press release sent to PYMNTS on Thursday (Aug. 23) said the WEF’s Centre for Cybersecurity (C4C) plans to recruit six financial institutions to collaborate on information sharing and technological cooperation in an effort to combat cybercrime in the financial services space.
The C4C plans to develop a data exchange solution so financial institutions can share information about cyberthreats, create a global network to promote cooperation between computer emergency response teams, and find a think tank to continue exploration and development of cybersecurity strategies.
According to Sberbank CEO and chairman of the executive board Herman Gref, the WEF ranked cybercrime as the “third most important global risk.” Terrorist attacks, on the other hand, ranked only eighth.
“The Forum was one of the first international organizations to understand the danger of the growing threat of cybercrime,” he said.“Being the largest bank in Russia and Eastern Europe, Sberbank is one of the prime targets of global cybercriminals and is the most attacked company in the region.”
According to Gref, the bank was able to block 100 percent of cyberattack attempts last year.
“Given the global scale of cyberthreats, we understand the importance of relevant knowledge and competence exchange,” he continued. “That’s why today we gladly accept the invitation by the Forum to become the first founding partner of the Centre and aim at long-term effective cooperation with its other members.”
Sberbank will join the initiative and sit on the Global Cybersecurity Board, as well as participate in the implementation of the C4C’s initiatives.
“Cybercrime is a reality we cannot afford to ignore ... it is threatening the benefits of the Fourth Industrial Revolution,” said WEF founder and executive chairman, Professor Klaus Schwab. “At the Forum’s Centre for Cybersecurity, experts from the business and public sectors, law enforcement and civil society will work towards a society that can withstand these challenges and minimize the damage done by organized digital crime.”
The WEF did not indicate when it would announce the remaining five bank partners to join the initiative.