Visa Calls for a New Approach to Innovation - Breaking the Barrier Between Security and Innovation

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:

• U.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
• Arthur 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 financial tools.

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 event.

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.