Security firm FireEye has teamed up with payment service Visa to launch a threat intelligence portal to help companies combat the increasing threat of financial cybercrime.
Visa Threat Intelligence will provide access to an online portal with real-time attack alerts, tools to analyse forensic data from recent cyber breaches and the ability to monitor the latest trends in cybercrime.
FireEye said that the platform will also give more sophisticated users the ability to deploy APIs to feed data into existing security systems.
Richard Turner, FireEye EMEA president, told V3 that the service is tailored to the needs of the payment industry.
"It will be a central portal for merchants to determine which attacks are the most relevant against their organisation. Currently threat intelligence is often shared via email or through media reports," he said.
"By focusing on the active, most dangerous threats, Visa Threat Intelligence leads to better detection capacity and a more effective response in the case of a breach, allowing you get ahead of an attack before a loss of data occurs."
Mark Nelsen, senior vice president of risk products and business intelligence at Visa, explained that the new system will enable companies and card issuers to identify the most severe security threats.
"Visa Threat Intelligence removes the noise by assessing hundreds of threat indicators and serving the most important and timely information. Users can then isolate and address those threats that are the most pressing and potentially damaging to their business and customers," he said.
The platform will also provide access to a community to exchange the latest threat information and stay ahead of cyber attacks.
Grady Summers, chief technology officer at FireEye, stressed that the scope of cyber attacks targeting the financial sector is constantly expanding.
"Attack groups are exceptionally skilled at executing an attack across multiple organisations, identifying successful techniques and scaling those methods to an entire industry," he said.
"By partnering with Visa, we can provide targeted intelligence to the payments industry to combat the economies of scale that attackers employ and help create a community united in a common defence."
Financial cybercrime such as point-of-sale (PoS) attacks and credit card number thefts are on the rise, as outlined in a recent threat report by FireEye subsidiary Mandiant.
The View from the Frontline paper found that cyber attacks are continuing to evolve, demanding a better response from businesses.
"Retailers remained a top target as attackers found new ways to steal credit card numbers from PoS systems," the report stated.
"In areas that have adopted chip-and-PIN credit card security, we saw more attacks on e-commerce and payment processors than in years past.
"Attackers continued to evolve, their targets continued to expand, and their techniques continued to change. But the central narrative stayed the same: far too many organisations were unprepared for the inevitable breach."
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