On Wednesday, September 10, the Merchant-Financial Services Cybersecurity Partnership, led by RILA and the Financial Services Roundtable, held its first event entitled
“Cybersecurity: Protecting the Payments System.”
In partnership with Bloomberg Government, the Summit was attended by over 150 industry leaders, policymakers, and members of the media, featuring a series of industry and government expert panels that discussed potential avenues as well as the numerous roadblocks for legislative and regulatory cooperation in creating solutions for the industries’ cybersecurity challenges.
The first panel, entitled “Regulatory Landscape in Congress: Cyber Security Legislation and Information Sharing,” featured Michael Daniel, Special Assistant to the President and Cybersecurity Coordinator, Representative Mike Rogers (R-MI), Chairman of the House Permanent Select Committee on Intelligence and Senator Saxby Chambliss (R-GA), Vice Chairman of the Senate Select Committee on Intelligence. The panelists focused on the importance of information sharing, but more importantly emphasized the urgency with which Congress needs to pass legislation. “We are in a cyber war… and we’re losing. We don’t have a sense of urgency… We’d better get [a bill] done in the lame duck or we’re going to have a major catastrophic event,” said Chairman Mike Rogers.
The second panel, entitled “Information Sharing: Industry and Government View,” featured key speakers from retail, financial services and government. RILA Senior Vice President, Suzie Squier highlighted the importance of trust and strong communication in discussion about the work retailers are doing to build the
Retail Cyber Intelligence Sharing Center and collaborating with the government and financial services industry. Joseph Demarest, assistant director of the FBI Cyber Division also emphasized the importance of collaboration and the need for government and private sector to work together to combat cyber criminals.
The final panel featured Walmart’s Senior Director for Payment Strategy Reed Luhtanen, MasterCard’s Chief Payment System Integrity Office Nancy O’Malley, and Bloomberg Government’s Senior Technology Analyst Afzal Bari. This panel, “Payments Security: How Can Advancing Technologies Help Payments Security?,” dove into what’s next for business in payments security. Tying in many themes from the prior panels, these experts highlighted the need for advanced technologies and a forward-looking approach.
Other top cyber leaders featured included VISA SVP of Global Corporate Initiatives Kim Lawrence, Grand Rapids State Bank CEO Noah Wilcox, and Principal CEO Larry Zimpleman along with experts from Bloomberg, the Retail Industry Leaders Association (RILA) and the Financial Services Roundtable (FSR).
The Partnership includes over 250 executives from merchants, financial institutions and card companies, representing a total 19 different trade associations. RILA and FSR chair the Merchant-Financial Cyber Partnership, along with 17 other financial and merchant trade associations.