Visa Calls for a New Approach to Innovation - Breaking the Barrier Between
Security and Innovation
WASHINGTON, Oct. 2, 2013
WASHINGTON, Oct. 2, 2013 /PRNewswire/ -- Today, Visa Inc. (NYSE: V) Chief
Enterprise Risk Officer, Ellen Richey, kicked off the fifth Visa Global
Security Summit by asking participants to fundamentally rethink the way they
innovate and approach cyber and payment security. Richey noted that while
progress has been made, security can no longer be an add-on or afterthought,
particularly given the growing importance of cyber security. Instead, she
challenged the audience of business leaders, policymakers, academics and
security and law enforcement experts to create a stronger link between
advancements in technology and cyber security.
"We are standing at a crossroads, a place where plastic is turning into
mobile," said Richey. "As innovation accelerates the electronification of
commerce, security needs to be built in from the start. The payments industry
has to embrace responsible innovation and renew its commitment to the
principles and standards that have made us so successful to date."
The Summit comes at a particularly important time for the payments industry as
the pace at which new products come to market quickens. Companies large and
small have the ability to design tools for mass consumption with few barriers
to market entry and even fewer checks on security.
Keeping security at the forefront was affirmed in a recent Visa survey, which
found that when choosing a new payment technology, such as a digital wallet or
mobile payment application, 92 percent of respondents said that security was
the most important or one of several important factors they consider. Further
findings revealed that 74 percent of respondents said that they would likely
take a cautious approach when adopting new payment technologies.
The challenges of innovation for government and business alike will be a
central topic for the Summit's keynote speakers, including:
oU.S. Senator Kirsten Gillibrand (D-NY), an ardent supporter of broader
cyber security measures, particularly at the state and local level,
protecting our most frequented systems; and
oArthur W. Coviello, Jr., Executive Vice President of the EMC Corporation
and Executive Chairman of RSA, the security division of EMC.
Summit panelists will focus on the theme of innovating responsibly as well as
on how criminals buy, sell and swap consumer financial data. An afternoon
discussion will follow on how businesses can help build trusted consumer
identities. Participants will also hear from entrepreneurs who are providing
access to new opportunities for the underbanked through innovative and secure
Throughout the conference, audience members will cast their vote for the
winner of the Developers Challenge. The competition encourages entrepreneurs
and innovators to create tools to help educate consumers about improving their
payment security. At the end of the conference, the winner will be announced,
based on audience vote totals. The winning team will receive a prize to help
them further develop their new mobile app.
A live webcast of the Summit can be viewed today at
www.visasecuritysummit.com. Recorded video will also be available after the
About Visa Inc.
Visa is a global payments technology company that connects consumers,
businesses, financial institutions, and governments in more than 200 countries
and territories to fast, secure and reliable electronic payments. We operate
one of the world's most advanced processing networks — VisaNet — that is
capable of handling more than 30,000 transaction messages a second, with fraud
protection for consumers and assured payment for merchants. Visa is not a bank
and does not issue cards, extend credit or set rates and fees for consumers.
Visa's innovations, however, enable its financial institution customers to
offer consumers more choices: pay now with debit, ahead of time with prepaid
or later with credit products. For more information, visit corporate.visa.com.
SOURCE Visa Inc.
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