By Rishi Zutshi and April Collaku (March 15, 2018, 12:56 PM EDT) -- On March 6, 2018, the World Economic Forum published a white paper report analyzing challenges that financial services and fintech firms face in protecting customer information against the increasing risk of cyberattacks and setting out proposals to better manage this cyberrisk.[1] As described below, the report recommends industrywide efforts to adopt standardized cyberrisk metrics and to develop mechanisms for assessing cybersecurity, which the WEF intends to pursue further. Additionally, the report identifies a variety of recommendations and best practices for managing cyberrisks. These recommendations represent a valuable reference point for firms in the financial services industry to consider in evaluating and modifying existing information security programs, both to reduce vulnerability to cyberattacks and to mitigate potential civil litigation and regulatory risks. In conjunction with the publication of the WEF's recommendations, Citigroup Inc., Kabbage Inc., Zurich Insurance Group AG, the Depository Trust & Clearing  Corp. and Hewlett Packard Enterprise have formed a consortium to address cybersecurity risks in the fintech industry.[2]...