Retail, Financial Trade Groups to Partner on Cyber Security

cyber-securityWashington—Following recent calls that retailers, banks and security institutions partner in effort to avoid another cyberfraud debacle like Target, Neiman Marcus and other retailers recently reported, a group of leading trade associations representing the retail and financial services industries announced a new cybersecurity partnership.

The partnership will focus on exploring paths to increased information sharing, better card security technology, and maintaining the trust of customers. Discussion regarding the partnership was initiated by the Retail Industry Leaders Association (RILA) and the Financial Services Roundtable (FSR), joined by the American Bankers Association (ABA), the American Hotel & Lodging Association (AH&LA), The Clearing House (TCH), the Consumer Bankers Association (CBA), the Food Marketing Institute (FMI), Independent Community Bankers of America (ICBA), the International Council of Shopping Centers (ICSC), the National Associations of Convenience Stores (NACS), the National Grocers Association (NGA), the National Restaurant Association (NRA), and the National Retail Federation (NRF).

‘Discuss Disagreements, Seek Solutions’

“This partnership is a positive step in the right direction, since there is no single solution to the complex issues surrounding cyber security,” said NRF President/CEO Matthew Shay. “That is why it is important to bring stakeholders together as we seek answers, share solutions and implement programs that not only prevent hackers from breaching data systems, but protects the consumer by shutting down these criminal enterprise.”

RILA President Sandy Kennedy added: “Retailers place extraordinarily high priority on protecting customers’ personal information,” said Sandy Kennedy, President of RILA. “This partnership will improve collaboration across the payments ecosystem allowing us to work together to develop near- and long-term solutions that will enhance security for our customers.”

One goal is to improve payment methods and make using credit and debit cards more secure.

“Consumers expect both that the payments system will protect their sensitive information, and that they receive the convenience they’ve come to expect while using their credit or debit cards,” said Frank Keating, president/ceo of the ABA. “With all stakeholders at the table – including community banks, large banks, networks and retailers – we have a real opportunity to find solutions and continuing opportunities to meet the threats posed by cyber thieves.”

“Everyone, from the smallest to the largest businesses, has an interest in keeping our customers’ payment data secure,” said Henry Armour, president/ceo of NACS. “Working collaboratively across industries to find ways to thwart data thieves is the best approach to protecting customers’ information.”

Participating trade associations will be forming working groups made up of themselves, member companies, and other stakeholders. The working groups will be focused on increasing threat information sharing, innovative technologies that adds safeguards to protect consumers within the payment system and other areas like national data breach laws.

While this forum will serve as an effective way for the industries to discuss areas of agreement, equally important, this forum will be a platform to discuss areas of disagreement and seek solutions.

 

 

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