Cyber Security

NRF to establish retail information-sharing platform to combat cybercrime

Cyber SecurityThe National Retail Federation said on Monday it will establish a program to provide the retail community with information on cybersecurity threats identified in the financial services sector.

The program, which will be developed in partnership with the Financial Services Information Sharing and Analysis Center, will set up an information-sharing platform for information security specialists in the retail industry. The plan also calls for a retail ISAC to be established in June.

“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 cyberattacks,” NRF President and CEO Matthew Shay said. “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.”

Sen. Mark Warner (D-Va.), a member of three subcommittees of the Senate Committee on Banking, Housing and Urban Affairs, lauded the plan, which he said could help eliminate consumer data theft. Warner, along with Sen. Mark Kirk (R-Ill.), called on the FTC in February to establish a retail ISAC.

“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,” Warner said.

Representatives from the NRF recently met with the U.S. Secret Service and other law enforcement authorities to discuss how to improve communication, identify resources and collaborate more effectively to help retailers combat cyberattacks.

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