Retail, Banking Trade Groups Form Cybersecurity Partnership
The framework issued by the National Institute of Standards and Technology offers "a consensus description" for effective cybersecurity risk management.
Tim Pawlenty, president and chief executive of the Financial Services Roundtable, is urging Congress to pass information-sharing legislation and toughen requirements on retailers in the wake of the major data breach at Target.
Retail and financial services trade groups have launched a new partnership aimed at improving cybersecurity across both industries.
The partnership's goals include improving card security technology and promoting the exchange of information in order to help companies ward off cyber attacks, according to a Thursday press release. The partnership was initiated by the Retail Industry Leaders Association and the Financial Services Roundtable. The American Bankers Association, the Consumer Bankers Association, Independent Community Bankers of America, The Clearing House and a number of merchant groups including the National Retail Federation are also participating.
"We are committed to working together to ensure customer personal and financial information is secure and protected," Tim Pawlenty, the Roundtable's chief executive, said in the release. "Exploring avenues for increased information sharing and collaborating on innovative technologies and safeguarding data will be critical in defending against common enemies."
Retailers have faced increasing pressure to improve cybersecurity in the wake of data breaches at Target, Neiman Marcus and potentially other retailers last year.