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Bank, Retail Groups Combine Efforts To Protect Consumers


February 14, 2014

Bank and retail industry groups have announced a new partnership focused on sharing information about cybersecurity threats and improving consumer protection technologies, reports Reuters. While Tim Pawlenty, chief executive of the Financial Services Roundtable, notes, "There's going to continue to be differences on things like the costs of issuing replacement cards” after a breach, the groups can “benefit from learning from each other on internal system resiliency and improvement in best practices” as well as “state-of-the-art cyber defenses." The associations plan to form working groups and also focus on protecting mobile payments and thefts that don’t involve payment cards.
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