A group of retail merchant and financial trade associations in the US have teamed up to tackle cyber security threats.
The partnership seeks to explore possible ways to increase information sharing, better card security technology, and maintaining the trust of customers.
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Led by the Retail Industry Leaders Association (RILA) and the Financial Services Roundtable (FSR), the partnership involves 14 trade associations.
RILA president Sandy Kennedy said, "Retailers place extraordinarily high priority on protecting customers’ personal information.
"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."
FSR CEO Tim Pawlenty said, "Exploring avenues for increased information sharing and collaborating on innovative technologies and safeguarding data will be critical in defending against common enemies."
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By GlobalDataThe group stated that payments ecosystem operates at its best when retailers, banks, card companies, processors, security and technology vendors work together to address and defend cyber threats.
