The Retail Industry Leaders Association (RILA) said it would expand its commitment to cybersecurity and data privacy through a comprehensive initiative to deal with evolving cyber-threats and promote further safeguards for personal data in the payment ecosystem.
The RILA Cybersecurity and Data Privacy Initiative aims to unite public- and private-sector stakeholders to bolster existing cybersecurity and privacy efforts, add to the public dialogue, and engender and maintain consumer trust.
“Retailers place extremely high priority on data security and invest tremendous resources to prevent attacks, but cybercriminals are persistent and their methods of attack are increasingly sophisticated,” noted Sandy Kennedy, president of Arlington, Va.-based RILA. “Enhanced security measures help to thwart attacks, but unfortunately some attacks have been successful and the resulting incidents have affected millions. By working together with public-private sector stakeholders, our ability to develop innovative solutions and anticipate threats will grow, enhancing our collective security and giving customers the service and peace of mind they deserve.”
Three Main Components
The initiative features three major components: strengthening overall cybersecurity through the formation of a Retail Cybersecurity Leaders Council made up of senior retail executives responsible for cybersecurity, who will work with lawmakers to develop appropriate federal legislation; improving payments security through such means as eliminating antiquated magnetic-stripe technology on credit and debit cards, introducing universal PIN security and chip-based smart cards, and system-wide collaboration to keep ahead of criminal threats; and addressing consumer privacy concerns by explaining how data is used to provide shoppers with an optimal experience.