How Visa is securing the payments ecosystem
As a truly global company, we appreciate that the world is increasingly interconnected. Cybersecurity is a global issue and threats can materialize from anywhere in the world, and from any point within a supply chain, with no regard for borders or jurisdictions. Organizations must manage cyber risk far beyond their own perimeters and understand the risks posed by trusted third parties and their connected systems. As more organizations adapt to enabling secure remote work options, whether in the short or long term, cybersecurity provides a key pillar for operational resilience. Successful navigation of any type of business disruption requires a strategic combination of planning, response, and recovery. To maintain cyber resiliency, an organization should regularly evaluate its risk posture, including its ability to operationally execute key processes through a combination of human efforts and technology products and services.
When managed effectively, the move towards an open payments ecosystem and interconnectedness between technology players and financial institutions is an effective means of maximizing innovation and financial inclusion. Critically, such a payments ecosystem can also increase insight into risks, and the means to remediate those risks quickly and at scale. This puts the emphasis on managing risks effectively since, without constant vigilance, a complex ecosystem can also increase cyber risk. Participation in global commerce relies on access to secure, trusted payments networks that can operate across borders. The payments chain and ecosystem are evolving rapidly, and this trend is set to continue over the coming years. At Visa, we are seeing not just an increase in volume of market participants who need to be cyber-resilient, but also a rapid increase in the amount of data shared between these additional players. We see how new technology bring benefits, but also challenges, when thinking how to keep our networks and data safe.
Combatting fraud is a global issue—criminal groups increasingly use sophisticated international syndicates to commit fraud across borders. Global networks are well positioned to detect and prevent fraud and apply global technologies and intelligence to mitigate local risks. Fraud detection relies on access to global data. It involves tracking and analyzing suspicious transactions across multiple countries. Companies can more effectively keep fraud rates down when they can compare transactions against global patterns. For our part, Visa makes considerable investments to maintain a resilient network against an ever-changing cyber threat landscape. Updating and maintaining our technology capabilities, and risk management services is a priority. Cybersecurity teams across the globe constantly conduct responsible intelligence sharing, monitoring, detection, response, and investigation to ensure cyber resilience in order to protect our clients, cardholders, and merchants.