The development is to be seen within the context of the SEC calling for improved clarity on cyber risk disclosures and adopt specific policies restricting executive trading in shares especially during an on-going investigation of a hack.

On Tuesday, the Financial Times reported that a consortium led by Citigroup Inc, Depository Trust & Clearing Corp and the Zurich Insurance Group AG are to develop a set of cyber security standards that fintech companies could sign up to.

The development comes as a result of a meeting held at the 2017 World Economic Forum to promote cooperation between the private and the public sectors.

Founding members of the group, which include Hewlett Packard Enterprise Co Kabbage, a U.S.-based online lender, have said they aim to come up with a set of standards within the next 6 to 12 months.

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

In February 2018, the U.S. Securities and Exchange Commission (SEC) had called for a “clearer” cyber risk disclosures and had asked companies to adopt specific policies restricting executive trading in shares especially during an on-going investigation of a hack.