FIF - Financial Information Forum

Citi & FINOS Form Cloud Open Standard Project

The Fintech Open-Source Foundation (FINOS), the foundation of open innovation in financial services and part of the Linux Foundation, announced the formation of an open standard project, based upon an approach developed by FINOS Platinum Member Citi, to describe consistent controls for compliant public cloud deployments in the financial services sector. This collaborative project aims to develop a unified set of cybersecurity, resiliency, and compliance controls for common services across the major cloud service providers (CSPs). By developing a unified taxonomy of common services and associated threats, the project also sets out to alleviate the systemic risk of cloud concentration. The project, initiated by Citi and approved in July by the FINOS Governing Board, has quickly garnered participation from more than 20 FINOS Member firms globally.

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