14 DAY TRIAL // The National Retail Federation (NRF), the world’s largest retail trade association, has announced plans to create a retail and merchant industry information sharing and analysis center that will help companies deal with cyber threats.
The new platform is being developed in partnership with the Financial Services Information Sharing and Analysis Center (FS-ISAC). The program will provide retailers cyber security information from government, law enforcement agencies, retailers, and partners in the financial services sector.
A lot of major retailers have suffered data breaches over the past period. The list includes Target, Neiman Marcus, and Sally Beauty. A large number of credit cards have been compromised in each breach.
“We believe a heightened and well coordinated information sharing platform such as a retail ISAC is a vital component for helping retailers in their fight against cyber attacks,” said NRF President and CEO Matthew Shay.
“Establishing a new program takes time, but time is not our friend when it comes to stopping these sophisticated and unpredictable criminals. The willingness of the FS-ISAC to work with retailers provides our industry with a new and important tool as we explore all of the options available for merchants to protect their customers and their businesses.”
Senator Mark Warner (D-VA) welcomes the decision. The senator believes that the information sharing and analysis center will help the industry prevent data breaches such as the ones we’ve recently witnessed.
“I am pleased to see FS-ISAC collaborating with retailers to establish a tool for real-time sharing of information and best practices around the serious and growing threat of hacking, cyber and identity theft,” said Warner, who, along with Mark Kirk (R-IL), called for the establishment of such a platform earlier this year.
The NRF has held discussions with the Secret Service and other law enforcement agencies on improving communications and helping retailers with combating cybercrime.
“In partnership with key stakeholders, NRF is committed to finding broad-based, long-term solutions to ensure that consumers’ sensitive information remains secure. It is a retailer’s top priority,” Shay added.
“Implementing robust security solutions with innovative technologies and information sharing to protect consumer data and the integrity of our payment systems is a start, but we will always need to stay one step ahead of these determined criminals.”
In January, the NRF announced that it was collaborating with The Chertoff Group to gain insight and guidance on risk management and cyber security.
While it’s a good thing that retailers have started taking steps to protect themselves against cyber threats, it’s a shame that a lot of people had to be exposed to identity theft and other types of fraud before the industry started realizing that cybercrime should be taken more seriously.