Trusted Computing Group (TCG) announced its commitment to strengthening the financial services industry against attack, as worldwide banking institution, Goldman Sachs, joins TCG in the fight for cybersecurity. TCG is a not-for-profit organization formed to develop, define and promote open, vendor-neutral, global industry specifications and standards, supportive of a hardware-based root of trust, for interoperable trusted computing platforms. 

With Goldman Sachs joining the organization, TCG will expand its focus of defining and shaping security measures needed to include FinTech and the banking financial services sector. With mobile transactions projected to grow by 121% over the next year, this is fast becoming a new area of concern for security experts, where essential transactions must be kept safe and secure.

“The biggest challenges we have at the moment when it comes to securing the financial services industry are the legacy systems at play and the lack of communication on how enterprises can adopt new technologies in a manner that is protected against an attack,” said Michael Mattioli, Principal Engineer, Hardware Engineering at Goldman Sachs. “Having joined TCG, we look forward to working closely with other experts on developing protections for FinTech, which can be standardized and implemented by financial services institutions around the world.”