With an effort to improve cyber-security defenses, six global corporations have joined forces to launch The Coalition to Reduce Cyber Risk, also known as CR².

CR² members, including AT&T, Cisco, HSBC, JPMorgan Chase, Mastercard, and Microsoft have agreed to partner with each other to advance cyber risk management to strengthen the resilience of economies and infrastructure around the world.

Based on the collective expertise and experience of its cross-sector members, the coalition says it “will seek to foster collaboration and align global cybersecurity policies based on industry best practices and globally recognized frameworks and standards.” CR²'s first white paper, “Cybersecurity Policy for Resilient Economies: A Global, Cross-Sector Approach, is now available to be downloaded.

“In today’s global, interdependent economy, improving cybersecurity requires organizations to work not only within their enterprise but also with partners, customers, and governments,” Tom Burt, a corporate vice president at Microsoft, said in a statement. “CR² will bring these stakeholders together to advance security while also enabling the tremendous economic and societal benefits of digital transformation.”

 “HSBC is pleased to join with prominent institutions across industry to support the global economy in being resilient against cyber threats,” said Philip Eagle, global head, Information Security Risk, HSBC. “It is important for industry to work closely with regulators to strengthen and harmonize our regulations to better protect our customers in the United States and abroad.”