Visa has taken it upon itself to help reduce the risks of data breaches.
The credit card company announced last week that it would partner with network security firm FireEye to help decrease the number of cyberattacks that target customer payment information.
Silicon Republic reports that, through their collaboration, the companies plan to develop tools that will offer greater cyber intelligence and enhanced threat monitoring to issuers and merchants. FireEye will also utilize their internal cyber forensics group Mandiant to increase capabilities that are tailored to specific clients.
"The threat environment for merchants is more hostile than we've ever seen. Attack groups focused exclusively on stealing consumer data are continuously expanding their operations and employing new techniques," said David DeWalt, CEO of FireEye in a statement. "It's a daunting prospect for any merchant whose business could collapse if they lose customer trust. This new collaboration brings together two industry leaders to help protect merchants and payment data and minimize the impact of attacks by sharing information."
24/7 Wall St. reports that the deal is one of the first of its kind. Through the partnership, the will bring together information from various sources to help companies quickly detect and respond to malicious attacks to their data and payment systems. Early identification means fewer stolen accounts, increased protection to consumers and less of a financial liability to merchants, issuers and Visa itself.
With big data breaches like those at Target and Home Depot in recent memory, 24/7 Wall St. said that cybersecurity is considered to be one of the most under-addressed but important issues in corporate America. Though some issuers and merchants have already taken steps to improve security, this marks one of the biggest steps taken by a credit card company to help prevent these threats.
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