The National Retail Federation announced on Monday a new platform to provide retailers with real-time information on cybersecurity threats.
Continue Reading Below
The program will provide information on threats reported by other retailers, the government and law enforcement agencies, according to the group. It is being developed with help from the Financial Services Information Sharing and Analysis Center.
“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 in a statement. “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.”
NRF Senior Vice President of Government Relations David French says U.S. retailers need better protection from cyber attacks.
“It’s driven in our opinion mostly by the fact that criminals feel they can find payment card information and quickly monetize that information because the U.S. payment card system is particularly vulnerable to fraud,” says French. As part of its fight against cybercrime, the NRF is calling for the U.S. to adopt the pin-and-chip technology used in Europe.
“We feel that if they can’t monetize the data, they won’t try to breach retailers as often,” says French.
French says the NRF hopes that real-time information will help prevent widespread hack attacks.
“By having access to information about malware, retailers … will be able to better understand those threats and respond more quickly,” says French.
The NRF says it has been working with the Secret Service and other law enforcement agencies to better combat cybercrime. In addition, the trade group has retained the services of Kim Peretti, a partner at Alston and Bird, LLC and the co-chair of the firm’s Security Incident Management and Response Team. The NRF is also working with The Chertoff Group, which is providing the group with risk management and cybersecurity expertise.