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April 15, 2014

US retailers collaborate to fight future cyber threats

New Information-Sharing Platform to help retailers gather and share intelligence about cybersecurity threats.

By CBR Staff Writer

US retailers are setting up an industry group to gather and share intelligence concerning cyber security threats in efforts to prevent future massive cyber attacks similar to Target late last year, .

The National Retail Federation’s new Information-Sharing Platform would facilitate retailers to access information on cybersecurity threats detected by retailers, government and law enforcement agencies and partners in the financial services sector.

The agency is working on the new platform in consultation with the Financial Services Information Sharing and Analysis Center (FS-ISAC), which shares threat related information obtained from law enforcement and other government agencies with financial institutions.

The federation is considering establishing its own Information Sharing and Analysis Center (ISAC) for the retail industry in June 2014.

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."

The NRF is collaborating with cybersecurity experts from The Chertoff Group to offer its members insight and assistance in risk management and cybersecurity skills.

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Retailers have been under pressure to strengthen their security efforts since the attack on retailer Target, which resulted in the data leak of nearly 40 million payment card numbers.

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