October 17, 2014

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Payments Innovation Critical To Beating Cyber Threats

Greater focus on addressing cybersecurity challenges across all industries is critical in defending against common enemies and today’s White House announcement on cybersecurity will continue to advance this important discussion.

Payments Innovation Critical To Beating Cyber Threats
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FOR IMMEDIATE RELEASE
October 17
, 2014

Contact: Alison Hawkins
202-589-2427 | @fsroundtable
Alison.Hawkins@fsroundtable.org

Payments Innovation Critical To Beating Cyber Threats

Information sharing legislation key to protecting customers & the economy

Washington, DC— Greater focus on addressing cybersecurity challenges across all industries is critical in defending against common enemies and today’s White House announcement on cybersecurity will continue to advance this important discussion.

“Advancing payment technologies, information sharing legislation, and collaboration between the financial industry, merchants and the federal government are all critical steps to ensuring our shared customers and the economy can stay one step ahead of cyberattacks,” said Jason Kratovil, Vice President of Government Affairs for Payments at the Financial Services Roundtable.  “We look forward to working with these stakeholders in making progress in all of these key areas.”

Ensuring innovation in the rapidly changing payments space that aims to protect consumer information and preserve consumer trust in the payments system is key, as is enacting strong cyber threat information sharing legislation, including key elements of the Cyber Intelligence Sharing and Protection Act (CISPA). FSR also applauds the president’s call for Congress to pass national data breach notification laws. FSR has long believed that consistent consumer notification is needed, and also that sensitive consumer information needs to be kept secure and protected.

The financial industry has long supported information sharing legislation and innovative technologies in this space.  We hope today’s announcement will provide further momentum to discussions around how to advance toward better solutions for consumers.

For more information, contact Alison Hawkins at 202-589-2427 or at Alison.Hawkins@fsroundtable.org.

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The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. Learn more at FSRoundtable.org.