During a presidential cybersecurity summit in California, the Merchant Financial Services Cybersecurity Partnership announced new recommendations aimed at protecting the payments system. The Partnership consists of organizations representing the payments ecosystem of retailers, banks, card companies, security and technology vendors and others.
The recommendations were featured as part of a White House fact sheet and are part of a series of deliverables committed to by the Partnership since its 2014 launch. The Partnership is co-chaired by Financial Services Roundtable (FSR) CEO Tim Pawlenty and Retail Industry Leaders Association (RILA) President Sandy Kennedy.
"Ensuring consumers are protected from cyber criminals across the payments system is critical and the merchant and the financial services industries need to continue to collaborate to enhance security measures and battle this common threat," said Kennedy and Pawlenty in a joint statement.
The Partnership's recommendations outline new ways companies can use technology to minimize data theft and also reduce the value of payment information if it is stolen or breached. These recommendations address steps to better authenticate customers by fostering data sharing, proactively addressing emerging threats and sharing responsibility for protecting the payment's ecosystem.
The recommendations also call for the expansion of collaboration opportunities in the development of technology standards to ensure the safety and security of the payments system.
The recommendations and additional information can be found on RILA's website: http://bit.ly/1ytLK0g & http://bit.ly/1KQxjfw.
The associations participating in the Partnership include: American Bankers Association, American Hotel and Lodging Association, The Clearing House, Consumer Bankers Association, Electronic Transactions Association, Financial Services Forum, Financial Services Roundtable, Food Marketing Institute, Independent Community Bankers of America, International Council of Shopping Centers, International Franchise Association, Merchant Advisory Group, National Association of Chain Drug Stores, National Association of Convenience Stores, National Grocers Association, National Restaurant Association, National Retail Federation, the National Automated Clearing House Association and the Retail Industry Leaders Association.
Financial Services Roundtable represents the leading integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. Roundtable member companies provide fuel for America's economic engine, accounting directly for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. Learn more at FSRoundtable.org.
RILA is the trade association of the world's largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.