Visa summit will counter data breach hype

07.03.2007
Credit-card payments giant Visa is hoping to shed new light on problems like consumer data theft and identity fraud through a conference that will bring together leaders from the business, government, and technology communities to discuss security for the electronic payments industry.

Hosted in partnership with the publishing arm of Harvard Business School, the day-long set of briefings is being held March 8 in Washington under the banner "Maintaining Trust in Payments Summit."

In a series of panels, controversial topics like the amount of time companies should be allowed to wait before disclosing data breaches to card issuers and consumers will be up for debate, as will the role of the government in providing protection for consumers and industry.

The list of scheduled speakers for the event includes Visa CEO John Philip Coghlan, business leaders like eBay CEO Meg Whitman, executives from retailer Nordstrom and Wells Fargo Bank, and a representative from ChoicePoint, the consumer data collection firm that was involved in one the most notorious electronic records mishaps ever reported. Public sector heavyweights will also take part, including Homeland Security cyber-czar Greg Garcia.

Visa controls the world's largest payment system. Like other payment companies, Visa finds itself at the center of a rapidly-changing fraud landscape driven by the spread of Internet usage and malicious software.

"The reality is that payment security is a complex issue, and the only way to reach a solution is to have an open and honest dialogue," said Rosetta Jones, vice president of corporate relations for Visa USA. "The goal for us was to bring together leaders from the technology, retail, law enforcement, and financial industries to raise the consciousness of data security among all the partners involved with payment systems."