Retailers to establish center to deal with cyber threats
The National Retail Federation (NRF) announced on Monday it plans to establish an Information Sharing and Analysis Center (ISAC) to provide retailers with information on cyber security threats identified by other merchants, the government, law enforcement and financial services firms.
The new program, which is scheduled to launch in June, is being developed in consultation with the Financial Services Information Sharing and Analysis Center (FS-ISAC).
"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 cyber attacks," said Matthew Shay, president and CEO of NRF, in a statement.
"As an industry, it is critically important that we continue to work together and identify problems while providing solutions that prevent criminal hacking and the resulting data breaches," said Cy Fenton, senior vice president, information technology (CIO) at Books-A-Million and chairman of the IT Security Council, a sub-committee of the NRF CIO Council. "The safety and security of our customers unites retailers large and small, and information sharing is one of several important steps we are taking in order to achieve this mission critical goal."
Retailers have been under pressure from Congress to take action following the data breaches at Target and Neiman Marcus that exposed tens of millions of customer records to data thieves. In February, Senators Mark Warner (D-VA) and Mark Kirk (R-IL) wrote a letter to the Federal Trade Commission calling on the retail industry to establish an information sharing body.
Will the creation of the Information Sharing and Analysis Center by the NRF help retailers, financial institutions and law enforcement deal more effectively with cyber security threats? What do you see as the biggest cyber security issues the ISAC will need to address when it launches in June?