GM Sectec, the global leader in cybersecurity, and Visa, global leader in digital payments, announced today the strengthening of their partnership to facilitate fraud prevention, cyber defense and cybersecurity best practices in the Latin America and Caribbean region. To this end, GM Sectec in partnership with Cybersource, a Visa solution, will now offer payment and risk management services supported by GM Sectec’s cybersecurity expertise.
The COVID-19 pandemic accelerated the adoption of digital payments globally and especially in Latin America and the Caribbean, as buyers and sellers continue to expand their use of contactless, on-line and remote payment capabilities. The use of the Internet is increasingly present in people’s daily lives and financial institutions are increasingly exposed to constant security threat vectors. This situation has led to an increase in the number of cyber-attacks and the need to reinforce the security of transactions made through digital channels.
The 6th edition of Visa’s Global Back to Business study finds that 73% of small businesses surveyed said accepting new forms of digital payments is fundamental to growth in 2022. 59% of small businesses surveyed said they already are, or plan to, only use digital payments within the next two years – largely in step with 41% of consumers surveyed who said the same. 90% of small businesses surveyed with an online presence said they attributed pandemic survival to increased efforts to sell online[1].
These figures show the importance of companies implementing an effective cybersecurity strategy that allows them to continue to grow, while offering secure shopping experiences to their customers. Through this collaboration, GM Sectec and Visa will continue to inform the financial ecosystem on the topic of cybersecurity and further support the development and implementation of solutions to mitigate threats, safeguarding the integrity of their systems and protecting consumers.
For the fourth consecutive year, both companies will continue the PaySec Talks initiative. These are learning experiences meant to educate and guide organizations in understanding the importance of having cybersecurity tools and procedures that help protect their data and that of their customers and promote an understanding for their true cyber risk and fraud prevention techniques. In addition, through this partnership, GM Sectec offers Visa clients unique support in PCI validation services, a cybersecurity consulting, and fraud prevention assessments.
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“One of the biggest concerns for businesses and organizations of all types, sizes and industries is how to protect the personal data and sensitive information of hundreds of thousands of users, customers and consumers who rely on them to conduct their daily transactions through various channels and platforms, many of them digital. The strengthening of our partnership with Visa, will allow organizations of all types across the payment system to engage cyber defense best practices with the support of a trusted cyber defense leader,” said Hector Guillermo Martinez, president of GM Sectec.
“For Visa, keeping the digital movement of money secure is our number one priority,” said Eduardo Perez, Chief Risk Officer for Visa in Latin America and the Caribbean. “Partnerships like this one, enables us to continue to innovate in solutions that provide buyers and sellers with increasingly secure, convenient, and frictionless payment experiences, both online or physically at the point of sale.”
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