Visa Partners with Expel: Fortifying Cybersecurity in the Digital Age
In an era where digital transactions reign supreme and data is the currency of the digital realm, the nefarious world of cybercrime looms more prominent than ever before. It is a global threat that transcends borders, industries, and individuals. In response to this ever-evolving menace, Visa, the global payment technology giant, has joined forces with the cybersecurity firm Expel to combat the escalating cybercrime crisis.
We are thrilled to announce a strategic partnership with @Visa to help their clients manage cybersecurity risk. Building on Visa’s risk leadership, this partnership will help improve security for Visa's clients, too. Learn more: https://t.co/cz6WIz4kcDpic.twitter.com/sRqOv7xeUy
The partnership, unveiled on October 2nd, represents a concerted effort to help businesses shield themselves from the relentless cyber threats. Visa, anticipating global cybercrime costs to skyrocket to a staggering $10.5 trillion by 2025, seeks to empower companies to confront this menacing financial burden. According to James Mirfin, Visa’s Global Head of Risk and Identity Solutions, the average annual loss for firms due to cybercrime exceeds $4 million. This staggering loss hampers innovation and curtails the ability to meet market demands effectively.
In a news release provided to PYMNTS, James Mirfin stressed the pressing need for comprehensive solutions enabling businesses to proactively manage their risks, particularly in cybersecurity. This collaboration is designed to shift businesses from a reactive stance to a proactive one centred on risk-based decision-making. The core offerings include round-the-clock detection and response capabilities, which form the vanguard of defence against cyber adversaries.
One of the key advantages of this partnership is the enhancement of threat detection and response capabilities. In an environment where cyber threats constantly evolve, businesses require cutting-edge tools and intelligence to stay one step ahead. Managed Detection and Response (MDR) services will be informed by external intelligence, emerging trends, and evolving threat techniques, equipping businesses with the knowledge and resources to combat cyber threats effectively.
The landscape of cybercrime has undergone a profound transformation in recent years. Michael Jabbara, Vice President and Global Head of Fraud Services at Visa, highlighted the shift from exclusive, technically proficient criminal gangs to a more inclusive and accessible cyber underworld. The emergence of “ransomware as a service” and other cost-effective attack methods has democratised cybercrime, making it accessible to a broader range of individuals.
Furthermore, technological innovations have empowered fraudsters with unprecedented scale and automation, amplifying the impact of their criminal activities. Erika Dietrich, Vice President of Global Fraud Prevention Risk Services at ACI Worldwide, emphasised the speed and scale of tools available to cyber criminals and their ability to educate themselves via open forums and chat channels. Amid these changing dynamics, the fundamental imperative for businesses remains unchanged: they must offer secure payment methods while safeguarding customer data.
In conclusion, Visa’s collaboration with Expel marks a significant stride towards fortifying the cybersecurity posture of businesses worldwide. With cyber threats becoming more pervasive and sophisticated, the need for proactive and vigilant defence mechanisms is paramount. This partnership exemplifies a concerted effort to empower businesses with the tools and intelligence to confront cyber threats head-on. As the digital landscape continues to evolve, Visa and Expel’s partnership stands as a beacon of hope, guarding against the encroaching shadows of cybercrime and reinforcing the foundations of a secure digital world.
