Dive Brief:

• The Committee on Payments and Market Infrastructure (CPMI), a group dedicated to setting global standards for payments and other financial services, has created a task force to look into payment security, according to an announcement. 
• The move comes after a series of cyberattacks that have plagued the financial services sector, including the $81 billion cyber heist against Bangladesh Bank in February. The task force will first review current payment security practices, according to the announcement. From there, the group will establish next steps. 
• "Recent incidents of cyber fraud are of significant concern for the central banking community, and we are working to make sure there are adequate checks and balances in place at each stage of the payments process," said Benoit Coeure, chairman of CPMI. 

Dive Insight:

Reports first surfaced last week CPMI was establishing a security task force, but on Friday the organization confirmed it. The move is part of an overarching industry effort to tighten security, particularly in the face of hacking groups that have found tampering with wire transfers profitable. 

The financial services sector in particular has had to boost cybersecurity efforts, as many institutions have lacking security practices and struggle with security hygiene. A recent report from SecurityScorecard found 75% of the top 20 U.S. commercial banks by revenue were infected with malware and many had security gaps with third-party providers.  

A series of global standards could allow banks to better prepare themselves, and allow for consequences if member organizations are not in compliance. SWIFT, too, has tried to install new security protocols, but the organization has struggled because it does not have regulatory authority over member banks.