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Goldman Sachs joins Trusted Computing Group

Goldman Sachs has joined Trusted Computing Group (TCG) as the not-for-profit turns its attention to fintech security.

TCG works 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.

The group has now set its sights on fintech, citing the rapid adoption of mobile payments, which it says is fast becoming a new area of concern for security experts.

TCG's move into fintech is boosted by Goldman's membership. The Wall Street giant will help shape the organisation's approach to financial service cybersecurity.

Michael Mattioli, principal engineer, hardware engineering, Goldman Sachs, says: “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.

“Having joined TCG, we look forward to working closely with other experts on developing protections for fintech, which can be standardised and implemented by financial services institutions around the world.”

Related Companies

Goldman Sachs Trusted Computing Group

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Security

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Retail banking Payments

Editorial | what does this mean?

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Comments: (1)

Andrew Smith - RTGS & ClearBank - London 23 February, 2021, 12:12

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I understand the concepts behind this, however, i feel that all too often we forget what constraints could be introduced. For example, clouds are not equal, not equal in terms of their underlying infrastructure capabilities, management options, technologies and therefore the capabilities you are able to build upon will be varied. By trying to impose interopability at this scale you are essentially saying that you cannot take advantage of an innovation any one specific cloud provider can offer you, therefore you could well fall behind competitors as they look to take advantage.

This is commonly seen in Finance and FinTech. As an industry we need to be mindful that technology is moving at an ever increasing rate, a rate that pulls away from Finance and even FinTech more each year. We need to be looking at the real challenge, and that is legacy systems, finance lack of understanding of the cloud or more worryingly - financial services based companies feeling they must own everything in order to be accountable. These are the areas that need addressing most if we wish to see financial institutions and fintech do well, to innovate and to provide improved customer outcomes.